While students on summer break have weeks left before having to go back to school, parents planned to do back-to-school shopping earlier this year as they look to save money amid tariffs and inflation.
More than two-thirds of back-to-school shoppers have already begun buying items for the new school year, according to a survey by the National Retail Federation as they are taking time to look for summer sales and compare prices at discount stores, rather than big-box retailers.
“As shoppers look for the best deals on clothes, notebooks and other school-related items, retailers are highly focused on affordability and making the shopping experience as seamless as possible,” Katherine Cullen from the National Retail Federation said.
Another survey by Deloitte also echoed the sentiment felt by back-to-school shoppers, saying more than half of the survey respondents said they are anxious about higher prices as they plan to shop “cautiously.”
“Four in 10 consumers are showing signs of value seeking: making more cost-conscious choices, deal-driven purchases and convenience sacrifices,” the Deloitte survey said.
Families with K-12 students were projected to spend an average of $858 on clothing, shoes, school supplies and electronics despite the tightening budget, according to the National Retail Federation.
Deloitte researchers expect spending to be lower, about $570 per child, as shoppers focus on just the essentials.
Discount store owners, including David Mansuryan who runs Dollars King in Winnetka, said his business will attract more value-seeking consumers this year, instead of the big chains like Target and Walmart.
“A pencil is a pencil,” Mansuryan said, adding his closed-out and liquidation merchandize is less directly affected by tariffs. “Not stuff that you necessarily need a name brand for.”
Even with money-saving approaches, some families said they fear back-to-school shopping would put them into debt.
Over 30% of people polled by Bankrate said they cannot afford to buy supplies for the new school year.
Higher prices are partly to blame: Families are now paying more for some key back-to-school essentials such as backpacks ahead of the new school year. CNBC used the producer price index — a closely followed measure of inflation — to track how the costs of making certain items typically purchased for students has changed between 2019 and 2024.
The consumer price index, a key inflation gauge, rose 2.9% in July from a year ago, the U.S. Department of Labor reported. That figure is down from 3% in June and the lowest reading since March 2021.