Inflation has made back-to-school shopping a lot more expensive for most families.
According to the National Retail Federal (NRF), families will spend an average of 40% more on back-to-school items this year compared to fall of 2019.
The biggest price hikes are stationary (21.8% higher), furniture (21.1% higher), and shoes (9.9% higher). The increases aren't going unnoticed, either -- approximately three in five shoppers (68%) told the NRF they have seen higher prices on school items.
Traditional back-to-class categories such as computers, furniture and others have seen inflation ranging from 2% to 22% since 2019. Over the same time, total expected spending for back-to-school and college grew by 36% and 41%, respectively, the NRF said.
Despite these high inflation numbers, consumers are not pulling back on back-to-school spending; they know what they're getting into. The NRF said 84% of shoppers are expecting to see higher prices when shopping for back-to-school essentials this year.
"Families consider back-to-school and college items as an essential category, and they are taking whatever steps they can, including cutting back on discretionary spending, shopping sales and buying store- or off-brand items, in order to purchase what they need for the upcoming school year," NRF President and CEO Matthew Shay said in a statement.
A total of $37 billion will be spent on back-to-school shopping this year, Shay added.
"The back-to-school season is among the most significant shopping events for consumers and retailers alike, second only to the winter holiday season," he said.
Families with children in elementary through high school plan to spend an average of $864 on school items this year, approximately $15 more than last year, the NRF said. Compared to 2019, back-to-school shoppers are expected to spend $168 more on average.
To cover the cost of items for the upcoming school year, one-third of consumers (38%) said they are cutting back in other spending areas. More than half (56%) of shoppers started early to find the best deals and help spread out their budgets. Three in five shoppers (64%) are also planning their shopping around retail sales events.
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