Most parents are excited by the return of in-person schooling this year, and it seems many plan to spend a lot of money to get their kids ready.
A new Deloitte finds:
- Back-to-school spending will be at its highest levels in recent years.
- Collectively parents will spend about $32.5 billion for K-12 students, or about $612 per student.
- For kids going back to college, shoppers will spend $26.7 billion, or about $1,459 per student.
- And parents aren’t waiting to stock up, with 59% of K-12 parents planning to do their back-to-school shopping in July.
- Most parents do plan to continue to shop online for their kids’ school needs, although 34% plan to also buy online, pick up in store and use curbside pickup.
As for where parents plan to spend the most:
- 40% of K-12 parents plan to spend more on back-to-school items this year.
- Spending on tech for K-12 students will likely go up 37% over last year to $11.8 billion.
- Because of more tech use, 44% of parents will spend less on traditional back-to-school items.
- 58% will spend the same or more on online learning resources.
- When it comes to college students, 34% of parents plan to spend more this year.
- Tech spending will increase 17%, while spending on traditional college supplies will be down 9% to $6.8 billion.
Source: Street Insider