A survey conducted by Empower.com found that 85 percent of the parents they interviewed were impacted by inflation, affecting their ability to spend money this year for their kid’s back-to-school items.
To navigate increased costs, parents said they were cutting back on non-essential expenses (43 percent), shopping during sales (48 percent) and 1-in-4, 26 percent, were buying in bulk.
The survey of 205 college students and 857 parents of K-12 kids, conducted in June 2023, found that 30 percent of parents expected to spend over $500 on back-to-school supplies, with 40 percent shopping at discount or dollar stores.
Parents said they would spend the most on clothes (84 percent), ahead of computers/electronics (29 percent) and books (70 percent). One in two respondents (49 percent) said extracurricular activities like sports were a major ongoing expense through the school year, and, despite rising costs, nearly one-third (30 percent) would continue to prioritize these activities for their kids.
Other findings from Empower.com’s June survey found that:
- Beyond tuition, college students’ groceries (54 percent), dining hall meals (52 percent), gas (50 percent), and parking fees (30 percent) were the most significant ongoing expenses.
- Social media has become a source of money-saving hacks, with 3-in-10 college students turning to Reddit, followed by YouTube (25 percent), TikTok (24 percent), and Instagram (23 percent).
- College students who spent over $500 on back-to-school supplies were 60 percent more likely to live at home than in a dorm or in an apartment.
Photo courtesy Apple
