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What, you haven’t finished your back-to-school shopping yet?
That may sound like the utterings of the class clown, but by the end of July, parents expect to have already spent 66% of their back-to-school budget, up from 59% last year.
So says a new back-to-school survey from Deloitte, where parents estimate they’ll spend $586 per child, slightly down from $597 last year. (Don’t worry, Dylan, they’ll spend more on you because you’re their favorite.) That’ll add up to $31.3 billion, compared to $31.9 billion in 2023.
As you read this, SpongeBob backpacks are already being stolen from porches. Nearly half of respondents, who were polled the last week of May, planned to shop for Prime Day deals, up from 39% last year.
Advanced replacement: While the kids move up a grade, some of their stuff, to the delight of the resale industry, will be held back: 43% of parents reported they’d buy pre-owned products (when they’re an option) this year, compared to 40% last year. While some, no doubt, will do so because they’re price-conscious, parents who shop resale are projected to spend only 7% less than snobs consumers who only purchase new.
Omnichannel surfing: Rather than fidelity to in-store or online, more parents are planning to shop both ways this school year; 70% said they’ll be on Team Omnichannel this year, compared to 66% last year.
The top perceived benefit of going to stores was to better assess product quality, cited by 70%, followed by more responsive customer service (66%), and hassle-free returns (63%). Online shoppers’ most cited benefit was saving time (74%), followed by product variety (68%) and—cue the church organ—inspiration (64%).