Families are cutting back on back-to-school spending
More than half of families are planning to cut back on back-to-school shopping this year due to rising inflation, according to a new national survey from real estate and retail management firm JLL.
Driving the news: The survey of 1,001 parents of school-age children in mid-June found that the average back-to-school budget is $339 per child this year, up from $332 in 2021.
- While most plan to spend either somewhat less or significantly less than last year, nearly one-third of parents say their budgets won't be affected by inflation.
- The latter group expects to spend 31.5% more on average than they did in 2021, fueling the net growth.
Why it matters: The rising cost of clothing and other goods is putting more parents in a pinch this school year, especially families with lower incomes. And businesses are getting squeezed by the shift in shopping habits.
- Walmart and Best Buy warned of lower profits last week due to inflation's ripple effect on consumers, Axios' Hope King reports.
Between the lines: Most parents are turning to bargain hunting, coupon clipping and shopping secondhand to save on supplies, according to JLL.
- Half say they plan to focus on just the necessities.
Zoom in: The School District of Philadelphia is offering families a way to save on some costs ahead of the return to classes on Aug. 29.
- The district is donating free school supplies like backpacks, crayons and pencil cases to students as part of its back-to-school bus tour that launched this week.
Details: The tour's route includes pop-up events at rec centers and schools across the city.
- Its first "mega-event" will be held at 10am this Friday at Northeast High School's sports complex, where families can also receive required immunizations and physicals for free, as well as COVID vaccinations.
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