Back-to-School Spending Expected to Decline as Inflation Takes its Toll

After 18 months of inflation, higher prices weigh on many K-12 families as they prepare for the upcoming school year.

In addition to a 23.7% increase in the cost of school supplies in the past two years (per the Bureau of Labor Statistics’ Consumer Price Index), 3 in 10 (31%) surveyed parents say their households are in a worse financial situation than last year, and half (51%) expect the economy to weaken in the next six months. According to the “2023 Deloitte Back-to-School Survey,” consumers across income groups are expected to prioritize their spending and find ways to economize throughout the season. However, most parents are also willing to splurge on specific items for their children, signaling an opportunity for retailers heading into the back-to-school shopping season.

Deloitte’s back-to-school survey was conducted online using an independent research panel between May 26 and June 1, 2023 and surveyed 1,212 parents with at least one child attending school in grades K-12 this fall.

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