(NATIONAL) — A study found that although inflation has slowed, prices are still high and most Americans are struggling to afford school supplies this year.
Since 2023, prices have stabilized or decreased in some categories like footwear. Some back-to-school shopping items include school supplies such as pens and binders, shoes, backpacks, sports equipment, electronics, textbooks, and more.
However, shoppers are not only shopping for their kiddos but more than eight in ten shoppers with kids in kindergarten through 12th grade are taking on the extra expense of helping to stock classrooms with needed supplies.
The study shows most parents are actually being asked to pitch in for supplies, 57% of shoppers say their child’s teacher or school requires them to contribute. Regardless of whether it’s a requirement, 83% say they will do their part to stock the classroom with high-need items.
Three in four shoppers say they are stressed over how they’ll afford school supplies. This year, 31% of shoppers said they are unable to afford school supplies, a 5% increase from the 26% of shoppers in 2023.
Most shoppers, 68%, expect this year’s haul to cost more than last year’s. According to data from the Bureau of Labor Statistics consumer price index (CPI) inflation calculator, they may be right as $300 spent in May 2023 would cost $309.81 in May 2024.
Whether because of higher prices or spending beyond their means, 40% of shoppers expect to go into debt to pay for back-to-school items. The debt load is expected to be at an average of $793.
To try to lower the cost of back-to-school supplies, shoppers are leaning on bargain-hunting techniques, 84% of shoppers take the time to comparison shop and find the best deals.
Other strategies include spreading out costs, shopping early, and buying second-hand supplies while others rely on buying fewer supplies to help ease the blow of the expenses.
For those fortunate enough to live in a state that offers tax-free shopping holidays, 62% of shoppers plan to take advantage of those periods. Each tax-free window varies by state.
Some other things that may ease the stress about back-to-school shopping or save money when counting pennies include:
Thinking outside the office supply store
Hit the jackpot for supplies at the dollar store or discount stores like Five Below. Shoppers can find school supplies like folders, pencil boxes, and art supplies.
Buy in bulk, especially if you have multiple kids in grade school or plan to help a teacher out.
Check the weekly flyer
Superstores like Target and Walmart may put different items on sale throughout the summer. You’ll usually find those 50-cent crayon boxes or $1 marble notebooks.
Cash in credit card points for gift cards
If you have a rewards credit card that allows gift card redemption, consider cashing in to shop at your favorite department stores, office supply stores, and other retailers.
Remember you probably don’t need everything on the list
Take inventory of what you already have. See what items survived the past school year that you can reuse like any calculators or staplers.
