When it comes to back-to-school shopping, new data from the National Retail Federation reveals that families are being impacted by inflation.
“We dread it, it’s not a fun process. We know we’re going to spend quite a few dollars on getting back-to-school supplies,” said Amy Seip, a mother of two students.
According to the National Retail Federation, it is possible for families this year to slash their budgets by quite a little. School supplies are estimated to cost $864 this year, $15 higher than last year, a record year for expenditures.
“K-12 and college shoppers will spend more per person on this season than they do on Mother’s Day, Father’s Day, Valentine’s Day combined. 2022 is proving to be no different,” said Katherine Cullen with NRF.
Federal Bureau of Labor Statistics (FBLS) inflation was reported this week at 9.1 percent countrywide.
According to an NRF poll, 38% of Americans are reducing their other expenditures in order to pay for the cost of supplies for the forthcoming school year. “Really shows us back-to-school and college is an essential for families, they will do what it takes for families to get what they need for the start of classes,” said Cullen. There is an additional cost for purchasing 30 or 40 items: “Everything is a dollar more,” says Adrianna Holt, a parent of two.