Washington families face a pricier back-to-school season
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Families in Washington and other western states can expect to spend more than the national average on back-to-school shopping this year, with higher prices squeezing household budgets, according to a PwC survey.
Why it matters: Back-to-school shopping is one of the biggest spending seasons outside the holidays, so families may want to start preparing early, Keven Gray of Washington-based Gesa Credit Union told Axios.
By the numbers: Total K-12 back-to-school spending is projected to reach a record $43.3 billion this year, up roughly 10% from last year, according to the National Retail Federation.
- Families in the West plan to spend an average of $960 on back-to-school purchases, compared with $922 nationwide.
What's happening: Prices are higher, classroom needs have changed and kids have more say over what families buy — including requests for pricier items.
- And the spending doesn't end on the first day of school: Families expect to spend another $635 per month on recurring expenses such as meals, snacks and tutoring, according to PwC.
What they're saying: Gray, Gesa's chief retail officer, recommends starting now and spreading purchases over the next few weeks to compare prices, find promotions and avoid one large shopping bill.
Zoom in: Before heading to the store, Gray recommends families take inventory of notebooks, calculators, art supplies, clothing and other items they may already have.
- Shoes or clothes may need replacing, while a backpack or lunchbox that's still in good shape can last another year.
Be smart: Setting a spending limit for each child can help curb impulse purchases, Gray said, especially while families are still juggling summer expenses such as camps, vacations and child care.
- For bigger-ticket necessities like laptops, he recommends considering used or refurbished options.
- If using credit is necessary, Gray said families should compare options, understand the total cost and have a repayment plan in place before making the purchase.
The bottom line: With Western families expecting a nearly four-figure back-to-school bill, starting early and shopping with a plan can help keep costs in check.