Backpacks, binders, and budgets ... It's back-to-school shopping season, and many parents are worrying about the cost of school supplies and everything else the kids need to start another year. Professional services firm Deloitte conducted its annual back to school shopping survey and found that parents are taking a very cautious approach this year amid economic uncertainty and are planning to stick to the essential items. The average amount expected to be spent on each child this year is about $570, which is just a little bit less than last year. Here are some other findings from the survey:
•45% of parents say they will look for values at stores like Walmart, Target and Costco, and look for less expensive brands.
•75% of Gen Z parents say they will turn to social media and AI for help in finding good deals.
•Despite parents looking to save money, 90% say their kids have a must-have item for school, like a first day outfit, and are willing to splurge.
Speaking of back-to-school shopping …
Too many school supplies ... One of the reasons parents think they spend too much is because their kids' school requires too many supplies. According to a WalletHub survey, 75% of parents believe their kids don't need to have everything on the teacher's supply list. Because of this, 91% say the cost of their child's education is way too high. 60% say the cost of school is their biggest financial obstacle.