Deloitte back-to-school survey overview:
- Who: Deloitte has released its 2022 back-to-school survey report.
- Why: Consumers are expected to spend an average of $661 this back-to-school shopping season, an increase of 8% from 2021.
- Where: The survey is nationwide.
Consumers are once again preparing to do some back-to-school spending, and, according to a new Deloitte survey, uncertain times of the day will not decrease the size of their pocketbooks.
Parents are planning to spend an average of $661 — representing an annual increase of 8% — this back-to-school spending season, according to Deloitte’s 2022 back-to-school survey.
A shift to in-person shopping — which will make up 49% of the back-to-school budget — is also expected, with Deloitte reporting consumers are looking to buck social media and other growing e-commerce methods.
“After investing heavily in tech during the pandemic for virtual learning, parents are returning to more traditional purchases,” Deloitte writes in its report. “Apparel, in particular, is in high demand as families are back on the go, returning to offices, attending events and celebrations, and shifting away from the home-centric focus of the pandemic.”
4 in 10 consumers expected to ‘dabble’ in new shopping tech
Despite this, shoppers are still expected to use their smartphones and personal computers for back-to-school purchases, with Deloitte reporting that 65% of respondents said they will use their smartphones and 58% will use their laptops.
Four out of ten consumers are also expecting to “dabble” in new technologies — such as digital wallets, cashierless stores, shoppable content, augmented reality and virtual reality, among other things — to assist in their back-to-school shopping.
“It’s clear that our reliance on digital is here to stay, as usage is on par or higher than prepandemic findings,” Deloitte writes.
The total market size for back-to-school spending, meanwhile, is expected to reach $34.4 billion this year, an increase of 24% since 2019, according to Deloitte.
Consumers concerned about rising back-to-school shopping costs
Still, consumers are unsettled about the rising cost of back-to-school shopping, with 3 out of 5 survey respondents expressing concern about higher prices, according to Deloitte.
The company writes, however, that parents “find ways to make it happen” when it comes to back-to-school shopping — on account of the “replenishment nature” of the season.
Parents are also expected to reassess their priorities surrounding both sustainability and their children’s mental health, according to Deloitte, which notes a concerned parent will often spend more money, on average.
“With sustainable [back-to-school] shoppers willing to spend 22% more on average, retailers that can welcome and address these consumer priorities will be well-positioned for a strong BTS season and beyond,” Deloitte writes.
In other student-related news, a class of student loan borrowers recently came to a $3.25 million settlement agreement with ACS Education Services last month in order to resolve claims the company failed to give them required certificates.
Are you planning to spend more than normal on back-to-school shopping this year? Let us know in the comments!
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