NJ parents expect to spend more for back-to-school supplies

📚 More people are stressed over back-to-school shopping this year, report says

🍎 Money is the biggest issue, and many expect to go into debt over it

📚 Many shoppers plan to buy classroom supplies, too

It’s still July, but 73% of Americans say they are stressed over how they will afford back-to-school supplies this year, according to a new report from LendingTree.

This makes sense because using the Bureau of Labor Statistics’ Consumer Price Index Inflation calendar, $300 spent in May 2023 would cost $309.81 in May 2024, LendingTree reported.

Even worse, 40% of shoppers expect to go into debt over it, at an average of nearly $800, said Matt Schulz, LendingTree's chief credit analyst.

Besides money, what is also stressing people out is trying to find items that meet the specifications of the supply list, which can send parents to multiple stores. There is also a lot of pressure to have their kids keep up with the latest trends in clothing, sneakers, and backpacks, the report finds.

Despite that, more than 8 in 10 shoppers with kids in kindergarten through 12th grade are taking on the extra expense of helping to stock classrooms with needed supplies, according to the report.

Other key findings to come out of the report

The report finds that 41% of Americans plan to go back-to-school shopping this year for K-12 students, with 68% of shoppers expected to spend more than last year.

Among shoppers, 31% say they’re unable to afford school supplies this year, up from 26% in 2023, the report shows.

Millennials are the most stressed shoppers, and more women feel the strain of back-to-school supply shopping than men, Schulz said.

Millennials have the longest shopping lists, which makes sense because they are likely to have younger grade school-age kids with specific school supply lists, he added.

According to the report, nearly 31% of back-to-school shoppers are already done with their back-to-school shopping. There does seem to be a generational gap among the early birds, however, with Gen Zers leading the way at 38% versus just 20% of Gen Xers, ages 44 to 59, who say they’re finished.

What are people buying?

Clothing, school supplies like notebooks and pens, and shoes top the list, while just 1 in 3 plan to buy electronics such as calculators and iPads, the report finds.

Classroom Supplies

On top of the money, the report finds more than 8 in 10 shoppers with kids in K-12 say they are taking on the extra expense of helping to stock classrooms with needed supplies.

“Unfortunately, so many schools and so many teachers struggle with providing enough supplies. We always hear stories about teachers spending some money out of their own pocket to get more supplies for their classroom. It’s just a shame,” Schulz said.

The survey found that 86% of parents of K-12 kids feel the school systems need to step up and provide more needed supplies for classrooms. Over half say their child’s teacher or school requires them to contribute. Regardless if it’s a requirement or not, 83% said they will do their part to help stock their child’s classroom with needed items.

How can shoppers strategize to save money for supplies?

Shop around for the best deals and check weekly flyers.

“Also, if you have a budget from last year that you’re looking at, it’s probably smart to assume that what you’re going to spend is going to cost five, ten percent more than what it cost last year. So, go ahead and plan for that rather than being surprised,” Schulz said.

Take an inventory of what you already have on hand. He said if backpacks, sneakers, and lunch boxes are still in good condition, there’s no reason to buy new ones every year.

Think outside the office supply store. Dollar stores and other discount shops can be a choice for school supplies like folders, pencil boxes, and art supplies.

Cash in credit card points for gift cards. The right credit card and the right reward can help save money but generally, gift cards may not always be the best way to get the most bang-for-your-buck when it comes to rewards, Schulz said.

“But in cases like back-to-school shopping where you need to stretch your budget a little bit, it can make sense to do that because every little bit helps. But, at a minimum, using the rewards card that gives you some cash back or rewards points is a good idea,” Schulz said.

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