Back-to-school spending averages $586 per student: Deloitte Survey

CHARLOTTE, N.C. (QUEEN CITY NEWS) – Families are prepared to spend about $586 per student on back-to-school shopping, according to Deloitte’s 2024 survey .

The audit, consulting, tax, and advisory service firm gathers data yearly from surveying hundreds of households with school-aged children.

Deloitte Partner Jeff Simpson said the findings allude to a growing economy.

“I think there’s a lot of good news in the report,” he said. “There’s obviously an intent to keep spending, as you know, macroeconomically. There’s a lot of pressure with inflation and prices going up and all that. But I was really taken aback by there being a lot of strength, a lot of a lot of optimism amongst parents in terms of what they’re going to spend.”

The survey shows seven out of 10 shoppers value convenience the most when deciding where to purchase supplies.

Simpson said cost and convenience are taking precedence over store or brand loyalty.

“Price and convenience, they win the day when time is even when business is fantastic, and inflation is low and everybody’s feeling good about the world. Those are always at the top of that list, but they’re especially important when you get into tougher times, which is obviously what we’re seeing here,” Simpson said.

The firm expects Americans to spend nearly $31.3 billion on school-related purchases.

The National Retail Federation estimates the total to be closer to $38.8 billion.

Both research groups anticipate the year-over-year spending to remain flat or decrease slightly.

Online retailers continue to gain a bigger portion of the seasonal sales. More than 20 percent of consumers plan to spend the most on web-based sellers.

The retailers also drive the sale schedule for the industry. Retail giants, like Amazon, setting sales for mid-July encourage competitors to follow suit. This results in families looking for deals earlier in the summer. In 2024, 66 percent of the money families set aside for school supplies will be spent end of July. That’s up from 59 percent in 2023.

“You can’t underestimate the impact of some of those e-commerce promotions,” Simpson said. “Everyone is mirroring their promotional cadence.”

Families considered low- or middle-income plan to spend about five to 10 percent less than they did in 2023, with the biggest cutback in technology items.

A survey from WalletHub found that 79 percent of families believe schools ask for too much on their supply lists.

Charlotte shoppers told Queen City News they purchase extra items for the classroom when they can, but some years they have to focus their budget on only their students.

“I always try to help out and get other kids stuff sometimes. But sometimes I say ‘it’s just not on my list this year,’ and I can’t really, but most of the time I do,” said Jackie Worthy while shopping with her grandson.

Deloitte researchers found the total cost of enrolling students in extracurricular activities doubles the cost of sending a student to school. They estimate an extra $582 is needed to cover fees and equipment.

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