Back to school spending is slow this year, but still a priority

Parents with school-aged children are spending for the upcoming school year at a slower rate than last year, but still expect to spend a significant amount despite inflationary concerns, according to a recent report by market research firm Ipsos.

Why it matters

Marketers should note that parents are coming into the 2022 school year with different concerns than last year: though COVID-19 is still present, other issues, such as school safety, and inflation, are taking precedence. Despite this, spending is up, albeit at a slower pace.

Takeaways

• Only 34% of parents with school-aged children have started back-to-school spending this year, compared to 42% percent last year.
• But the expected volume of spending remains high; parents plan to spend an average of $864 on back-to-school items this year, $15 more than last year’s average of $879, and $168 more than 2019.
• College back-to-school spending remains consistent; parents of college-aged students expect to spend $1,200, the same as in 2021.
• Expectations amidst the COVID-19 pandemic are relatively positive: 74% of parents surveyed said they felt that “the 2022-23 school year will go smoothly, without major COVID interruptions”.
• Further, a majority of parents prefer in-person learning experiences, with 65% of women and 50% of men reporting a desire for students to learn in an entirely in-class environment.
• Parents with concerns about in-person learning reported a higher concern over school safety than COVID-19, with 56% of parents reporting concerns for student safety. In addition, women reported a higher level of concern for school safety than men; 63% of women, vs 52% of men, cited this issue as top-of-mind.
• Sixty percent of parents surveyed said they would not let inflation affect their back-to-school spending.

The big idea

Marketers looking to leverage the back-to-school wave shouldn’t be deterred by inflation, as parents are still expecting to spend this year on school supplies and extracurriculars.

Sourced from Ipsos