With inflation at a new 40-year high, parents and teachers are stretching their budgets to buy the necessary school supplies.
According to Fortune, household spending on back-to-school supplies is up 8% from last year, but inflation and supply chain issues have forced parents to budget in new ways to prepare for the upcoming school year.
“People are dealing with higher grocery and gas prices and for back to school, which means you’re really going to have to budget,” said Lupine Skelly, retail research leader for the Consumer Industry Center.
In a recent survey from the National Retail Foundation, over one-third of consumers said they would be cutting back spending in other areas of their life to help cover this year’s high cost of school supplies.
Empty shelves also pose a challenge for teachers and parents looking for supplies. According to a Deloitte survey, two-thirds of parents said they expect stores to sell out because of supply chain issues.
How has the pandemic influenced what families will purchase during #BackToSchool shopping this year—and where? https://t.co/xYvK4kjzD0— Deloitte Insights (@DeloitteInsight) July 21, 2022
Here are a few tips on how to beat inflation when it comes to back-to-school shopping:
You can save money by doing a little bit of research. Compare prices at different stores online and in person before making your final purchase.
Wait for the sale
If you can wait to make your purchase, keep an eye out for sales at local stores or online retailers. Also, take advantage of any tax-free weekends or holidays.
Generic products are often just as good as name brands and cost less.
Buy in bulk
You can usually get a better deal per unit when buying large quantities like paper, pencils and pens. This can also be helpful if you know you’ll need particular items next year.
Save those coupons
Be sure to take advantage of any coupons or promo codes when making your purchase. Some websites like RetailMeNot provide coupons and promo codes valid for back-to-school shopping.
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