As the summer break comes to an end, moms are gearing up for the annual back-to-school shopping spree and we’re seeing more than ever that many moms have already gotten a head start in an effort to save. With inflation impacting everyday expenses and economic uncertainties lingering, families are tightening their belts in 2024 and seeking ways to stretch their dollars further.
According to two separate independent studies conducted by JLL Retail Advisory Services and Deloitte, three things are clear:
- Moms are looking to save as much as possible this year
- Back to school shopping has started earlier this year (as early as June for some families)
- The planned average spending per child is less than previous years
How Moms are Saving
Many moms are turning to sales and discounts to ease the financial burden of back-to-school shopping. The study by JLL Retail Advisory Services states consumers are looking for sales, deals and coupons, and about 48% of parents will buy fewer products or purchase second-hand to save money.
Retailers are responding to this demand by offering early bird deals, clearance sales, and special promotions both online and in stores. From clothing to school supplies, the hunt for the best bargains is in full swing and for 25% of consumers, it started before the fourth of July holiday.
And second-hand shopping continues to gain popularity. Thrift stores and online marketplaces like Facebook Marketplace are becoming go-to destinations for parents looking to buy gently used items at a fraction of the cost. This not only helps in saving money but also promotes sustainability by reducing waste.
Shopping with Kids in Tow Increases Costs
In another separate study commissioned by the Krazy Koupon Lady, 64% of parents believe they spend more money when their kids are present, spending an average $101 more on supplies if their kids tag along.
The study found kids are more concerned about their school supplies being name-brand than parents. Specifically some brands mentioned in the study are Under Armour backpacks and clothing, Stanley tumblers and bottles, Nike and Jordan shoes, Mead notebooks and Crayola crayons.
A takeaway for brands? These shopping behaviors and cost-cutting strategies for Back to School are very likely going to continue for holiday shopping. Think about how you can allay financial worries of moms and look to get in front of them sooner than later.
