With back to school just around the corner, parents are feeling the pressure on their pocketbooks.
According to the National Retail Federation, back-to-school spending is expected to reach a never before seen $41.5 billion. That would mark an increase of 12%, or $4.6 billion, from the $36.9 billion consumers spent last year.
“Back-to-class shopping is one of the most important consumer shopping occasions of the year. Our research for 2023 shows American consumers are eager to jumpstart their back-to-school and college purchases early,” NRF President and CEO Matthew Shay said. “Retailers have been preparing for months to ensure they are well stocked with essential items that families and students need for the school year.”
And for parents with more than one child headed back to school the costs start to add up quickly.
"You know, as a parent it really hasn't been easy, teachers are asking for more things and than I remember them asking them for last year," one parent told WCCO Radio. "I've got two daughters and I'm spending twice the amount, and they're both under 5th grade. That means I'm spending over $200 per kid."
National figures show that prices for essentials like notebooks, crayons, pens, and pencils have increased 18.5% over the course of just one year.
College students are also setting a record for spending. Students and their families are expected to spend an average of $1,366.95 per person, up from $1,199.43 last year according to the NRF study.
Some tips offered to parents include shopping at discount stores and buying off-brand products, buying supplies in bulk and sharing with other families, or even buying supplies secondhand.