The annual back-to-school shopping season has become a major event on the retail calendar. In 2023, spending for this occasion is projected to hit an all-time high of $41.5 billion, reflecting an 8% increase from the previous year.
Alongside this, it’s noteworthy that 50% of back-to-school shoppers choose to make their purchases online.
Let me share the most crucial back to school shopping statistics you should be aware of right away. 🎒🛒📈.
Back To School Shopping Statistics: The Key Data
- Total back-to-school spending is expected to reach a record $41.5 billion in 2023, up 8% from 2022.
- Spending per child is expected to fall 10% to $597 (down from $661 in 2022).
- The average back-to-school shopping budget for a household is $890.07.
- 80% of back-to-school shoppers intend to shop at mass retailers.
- 50% of back-to-school shoppers shop online.
- 68% of shoppers report higher back-to-school prices due to inflation.
- Nearly 60% of all planned back-to-school purchases will be completed by the end of July.
Sources: (USAToday, Capital One Shopping, Deloitte)
US Families Shelled Out $36.9B for Back-to-School Shopping in 2022
|Significant economic activity during back-to-school season.||The $36.9 billion figure suggests a considerable annual market opportunity.|
|Education-related costs for families are high.||This spending amount implies a substantial financial burden for families.|
|Potential for targeted marketing during this period.||Given the high spending, marketers could capitalize on back-to-school timing.|
|Necessity for affordable school supplies initiatives.||The substantial outlay calls for strategies to mitigate the financial impact on families.|
Child Back-to-School Spending Surges 52.3% from 2015 to 2022
|A significant increase in child-related expenditure.||The 52.3% increase suggests robust investment in child welfare and development.|
|Need for evaluating impact of increased spending.||With such substantial increase, it’s crucial to examine outcomes to ensure efficacy.|
|Financial planning and budgeting should be updated.||The escalating spending rate necessitates fiscal planning revisions.|
|Assess potential for more sustainable funding methods.||The steep rise may strain resources; sustainable funding models may be needed.|
Source: Capital One Shopping
Average Parent Spends $661 per Child on K-12 School Supplies
|Create Affordable Product Lines||High expenditure per child implies the need for cost-effective options.|
|Offer Bulk Purchase Discounts||The significant spend suggests potential for bulk buying incentives.|
|Develop High-Quality, Durable Products||Consumers’ willingness to spend indicates demand for durable items.|
|Implement Payment Plans||Average spending implies the potential for installment-based purchasing options.|
Given the average expenditure of $661 per child for back-to-school purchases in grades K-12, businesses should consider creating affordable product lines, offering bulk purchase discounts, developing high-quality, durable products, and implementing payment plans to support and attract customers.
Back-to-School Market Projected to Hit $34.4B in 2023, Up 24% Since 2019
|Invest in Back-to-School Market||Market growth indicates a profitable opportunity for business investment.|
|Diversify Product Offerings||Significant rise implies a demand for varied back-to-school supplies.|
|Expand Marketing Efforts||The market size growth underscores the potential impact of effective advertising.|
|Enhance E-commerce Capabilities||The increase may reflect the digital shift in consumer buying habits.|
The estimated $34.4B back-to-school market size, reflecting a 24% increase since 2019, suggests the importance of investment in this sector. Diversifying product offerings, expanding marketing efforts, and enhancing e-commerce capabilities could be profitable strategies in this growing market.