Back-to-school shoppers expect to spend, on average, $377 per child, 21 percent more than a year ago, ranging from $212 per preschooler to $640 for a first-year college student, according to KPMG’s 2023 Back-to-School Spending survey.
KPMG’s Back-to-School Spending survey found more parents this year started, or plan to start, back-to-school shopping before August 1 compared to last year (62 percent vs. 53 percent, respectively).
The survey also found that more than 60 percent of parents are concerned about inflation, with 70 percent responding that they will be looking for early discounts to counter higher prices and 57 percent saying they would buy cheaper brands. More than 40 percent of back-to-school shoppers said they are worse off financially than a year ago, while 32 percent say they are better off.
“Inflation is pressing consumers to start early and find the deals from retailers willing to offer the door-buster promotions that will drive traffic and excitement in a challenging environment,” said Matt Kramer, KPMG consumer and retail sector leader. “Winning customers through great value and experience in tough times can go a long way to building long-term loyalty.”
The survey found that, on average, apparel, footwear, and core school supplies will use 56 percent of each shopper’s budget, up slightly from 54 percent in 2022. As was the case in 2022, back-to-school shoppers said they plan to do about 60 percent of their shopping in-store, with Gen Z, Millennials, and higher-income households more likely to shop online.
