The Back To School Shopping Inflation Can Be Beat | 2022
As you may have guessed, fewer parents said they can afford their kids’ back-to-school shopping this year. Most parents will face issues. These issues likely stem from rising inflation. Luckily, Floridians did see recent checks for each child in their mailboxes.
Only 36% of parents said they have no problem affording their kids’ back-to-school shopping. This is considerably less than 52% last year. It was also found that more than 37% of parents in 2022 are stressed out about back-to-school shopping. This is up from 32% in 2021.
In 2021, parents benefited from stimulus checks and an advance in child tax credit payments. With these checks gone, parents are now seeing inflation eating away at their savings from the pandemic last year. In the last 12 months, inflation grew by 9.1%, this is the largest increase in more than 40 years.
How Will Inflation Affect Back-To-School Shopping?
Most people view school supplies as a necessity, so many parents are expected to come up with the dough, even if they cost more this year than last year. Since the end of the last school year, the number of back-to-school shoppers planning to spend more than $500 on supplies has risen from 11% to 25%. Most of this is due to inflation. Early bird shoppers, who have already seen their kids’ supply lists and the prices, will be most likely to share that they’ll spend more this year than last year. The average amount of money spent on each child is up to $661. This is an 8% increase from last year.
How Can Parents Stretch Their Money?
Some parents shopped Amazons Prime Day earlier this month to save money. Prime Day used to be in June. This year Prime Day was moved to July. Since Prime Day was closer to back-to-school time, Amazon says they have sold more clothes in the boys and girls category this year. But if you missed it, don’t worry. You’ll have plenty of opportunities to save money.
Parents can expect to take advantage of sales through the end of August because businesses are going to compete for all of the back-to-school business they can get. We will also be seeing a lot more people shopping in more generic locations and trading out those higher, private labels, price tags.
Tax Free And Web Extensions.
Seventeen different states across the country have either already had or plan back-to-school sales tax holidays. Florida is waiving taxes on qualifying back to school items now through August 7, 2022. In a lot of cases, the sales tax holiday qualifies for online orders, as well as in-store purchases.
A great way to save money this season is to use a tool that scan the web for price drops and other offers that can help you take advantage of online deals as they happen. PayPal: Honey is a popular web browser extension that does just that. Use it to get coupons instantly applied to your cart, compare prices on Amazon, and earn free rewards etc.
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