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Classified in: Science and technology, Business
Subjects: CHI, SVY, HSP, DEI

Parents Are Spending More on Back-to-School Shopping than Last Year

Debt.com's research shows back-to-school spending seems unaffected by economic concerns.

FORT LAUDERDALE, Fla., Aug. 3, 2022 /PRNewswire/ -- The new Debt.com poll that shows 45 percent of parents are spending at least $200 per child this year ? compared to only 29 percent in 2021. And 27 percent will spend more than $300 per child.

Consumers tend to actually buy more during inflationary periods if they believe inflation will continue to climb.

Debt.com's 2022 parent survey also reports that 8 in 10 said inflation will translate into higher spending. Debt.com President Don Silvestri says there are two reasons for that.

"While inflation means you'll spend more for the same back-to-school items you purchased last year, there's also a psychological component," Silvestri explains. "Consumers tend to actually buy more during inflationary periods ? if they believe inflation will continue to climb. They figure they'll actually save money by stocking up on nonperishable goods."

Silvestri says Debt.com will conduct further research to see if parents are stocking up on back-to-school items for next year. Other results from the poll indicate parents aren't scared by the economy, but they are taking it into consideration.

Most parents are willing to shop for generic brands (59 percent) and reuse old supplies (56 percent). But they're less enthusiastic about cutting other household expenses to make room in their budget (28 percent).

"Like holiday shopping, back-to-school shopping is nearly impervious to what's going on around us ? whether it's inflation, recession, or pandemic," Silvestri says. "Both happen once a year, and they're about our children. It's very hard for us to apply the same financial scrutiny we do in our normal lives, but it is still important to budget for back to school."

Debt.com's tips for smart back to school shopping:

About: Debt.com is a resource that offers consumers education, self-help guides, professional solutions, and more. On Debt.com, consumers can find expert money advice? how to make it, how to save it, and how to spend it. They also assist consumers by matching them with the perfect debt-solution company for their situation and making sure they are happy with the results. Debt.com has been featured in the Washington Post, Yahoo! Finance, Forbes, and more, making them a pillar of the debt relief industry.

SOURCE Debt.com

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