White Bear Studio/stock.adobe.com
Inflation-driven spending caution and promotional sensitivity have led U.S. shoppers to plan their back-to-school shopping around key discount days, delaying the start of the back-to-school shopping season for retailers, according to new research from HubBox, an e-commerce software that offers delivery to access points and flexible delivery to 250,000 local pickup locations around the world.
HubBox CEO Sam Jarvis said, “After a long period of rising prices, US shoppers are getting much smarter about how, where and when they spend, forcing brands to fight harder for their share. As shoppers look to make their back-to-school budgets work, there’s been an increased focus on discount events, meaning the extended back-to-school season will stretch from Prime Day in July through Labor Day sales in September. And as consumers increasingly look for fast, convenient fulfillment options, this will put extra pressure on retailers’ delivery networks, especially for an extended period of time.”
According to an exclusive HubBox survey of over 1,000 U.S. shoppers, 77% plan to do some back-to-school or college shopping this year, with the average household planning to spend $1,196.20 on fashion, stationery, electronics and other school accessories in 2024. But while back-to-school represents a huge opportunity for retailers, the compounding effects of inflation have slowed U.S. retail sales, leading to three-quarters (73%) of back-to-school shoppers looking to curb spending, and the same percentage (73%) looking to reuse items purchased in 2023 for the current school year in an effort to save money.
Highlights:
This year, 65% plan to only purchase discounted back-to-school supplies, which has led U.S. shoppers to prioritize purchases during retailers’ discount days and events. For example, two-thirds (66%) of shoppers plan to hold off on back-to-school purchases until Amazon’s Prime Day in July to take advantage of special sales, and 73% plan to seek out further discounts on back-to-school supplies during Labor Day sales in September. With 63% of back-to-school purchases being last-minute orders, consumers are increasingly seeking faster fulfillment options, with 84% of those surveyed by HubBox saying timely fulfillment is important for their back-to-school purchases. Shoppers also want convenience built into their back-to-school shopping, with more than half (55%) wanting the option to pick up their online orders at a convenient location, such as a local store or UPS access point.
Source link