As summer draws to a close, millions of American families are getting their kids ready for the new school year. For parents, it evokes a range of emotions. For some, watching their kids hop on the local school bus will move them to tears. For others, it will make them burst with joy and belt out the lyrics to George Michael’s hit song, “Freedom!” It’s up to each individual.
Mark M. Grywacheski
Kevin Schmidt
But back-to-school season also has a huge economic impact: It’s one of the biggest shopping events in retail. The annual shopping extravaganza includes both back-to-school spending (for kids in grades K-12) and back-to-school spending. It’s second only to the November-December holiday shopping season, which generated a massive $964.4 billion in sales in 2023.
Thirty-four percent of American adults expect to stock up on clothing, school supplies and other necessities this school season in preparation for the new school or college season. But concerns about an uncertain economic outlook have many Americans tightening their purse strings. The National Retail Federation (NRF) predicts that U.S. consumers will spend $38.8 billion on back-to-school shopping for their elementary, middle and high school aged children this year, down 6.5% from last year’s total of $41.5 billion. Similarly, back-to-school spending is expected to reach $86.6 billion, down 7.9% from last year.
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According to the NRF, on average, families are expected to spend $874.68 on back-to-school supplies for their children in elementary, middle, and high school. Among major purchases, shoppers will spend an average of $309.35 on electronics, $253.29 on clothing and accessories, $141.62 on school supplies, and $170.43 on shoes.
College students and their families are expected to spend even more ($1,364.75) this coming academic year. On average, back-to-school shoppers will spend $359.49 on electronics, $192.40 on dorm or apartment furniture, $171.06 on clothing and accessories, and $112.60 on shoes. Surprisingly, the NRF back-to-school spending analysis did not include funding for “beer.”
One of the major trends this season is consumers starting their back-to-school shopping early. According to the NRF, more than 55% of back-to-school shoppers started their shopping in early July. 25% said they started shopping in early June. Of these early shoppers, 65% said it helped them spread out their back-to-school spending.
Shopping early also allows budget-conscious consumers to hunt for the best deals. 85% of back-to-school shoppers took advantage of Prime Day, a nationwide two-day shopping campaign that offers consumers significant online discounts and promotions. This year, Prime Day took place on July 16th and 17th. According to Adobe Analytics, U.S. retailers reported a record $14.2 billion in online sales during those 48 hours, up 11.8% from last year. The strong pace of sales was driven by school-related items. Spending on backpacks, lunch boxes, stationery, and other supplies increased 216% compared to last year’s Prime Day event, according to Adobe Analytics. Similarly, spending on children’s clothing increased 165%.
If you haven’t started your back-to-school shopping yet, there are still plenty of sales and discounts to choose from, but make sure you stay within your budget and don’t forget that the November-December holiday shopping season is just around the corner.
The cutest back to school supplies for 2024
1. Candy mechanical pencil set of 4
This pastel mechanical pencil set includes three 0.5mm pencils, three 0.7mm pencils, three tubes of each type of lead refill, three large erasers, and nine capped eraser refills, all for just $10. The included carrying case helps students keep track of their supplies.
Buy it here: Candy’s Mechanical Pencils, Set of 4, $10
2. Paper Junkie School Folder
These beautiful 3-hole punch school folders are made from high-quality, heavyweight cardstock. Two pockets keep your students’ homework safe and secure. Reviewers praised these folders for their sturdiness and rich colors.
Buy it here: Paper Junkie School Folders, $9
3. Avery 3-Ring Binder
This 3-ring binder with Avery 1-inch round rings comes in three trendy patterns, and the tear-resistant cover is as durable as it is pretty.
Buy it here: Avery 3-Ring Binder, $6
4. Chapman & Grand Kitty Cat Tape Dispenser
This cute cat tape dispenser will brighten up any student’s desk. The dispenser fits tape rolls with a 1″ core and has a non-slip pad on the bottom to reduce slipping.
Buy it here: Chapman & Grand Kitty Cat Tape Dispenser, $22
5. Niutop Sticky Note Set
This pastel sticky note set includes 60 lined notes, 48 dotted notes, 48 blank notes, and 48 orange and pink sticky notes. It also comes with 150 bright index tabs and 402 tabbed sticky notes to help students stay organized.
Buy it here: Niutop Sticky Note Set, $6
6. Simona’s Speech Bubble Sticky Notes
These bubble sticky notes are a cute way for students to leave reminders for parents or notes for themselves. Each pack contains 600 sticky notes in 8 colors.
Buy it here: Simona Speech Bubble Sticky Notes, $7
7. Mr. Pen Animal Eraser
Everyone makes mistakes, and Mr Pen animal pencil erasers are the cutest way to correct them.
Buy it here: Mr. Pen Animal Erasers, pack of 60, $10
8. Henoiso Cat Paw Pencil Sharpener
These adorable cat paw pencil sharpeners are sold in a pack of four so students can have extra pencils on hand throughout the school year. The sharpeners have a comfortable, non-slip silicone coating.
Buy it here: Henoyso Cat Paw Pencil Sharpener, $10
9. Bella Drew Publishing Composition Notebook
This 90s style composition notebook is sure to put a smile on your student’s face every time they take notes during class. This notebook has 100 broad-ruled pages and a soft matte cover.
Buy it here: Bella Drew Publishing Composition Notebook, $7
10. MBVBN Colorful Octopus Highlighter
This pack contains 5 colorful octopus highlighters with a 6th octopus cap. The highlighters dry quickly so they won’t bleed through your paper.
Buy it here: MBVBN Colorful Octopus Highlighter, $8
Mark Grywacheski is an expert in financial markets and economic analysis and an investment advisor with Quad Cities Investment Group in Davenport.
Disclaimer: Opinions expressed herein are subject to change without notice. Prices and quotes stated herein are indicative only and do not constitute an offer to buy or sell securities at any particular price. Information has been obtained from sources believed to be reliable, but no guarantee is made that the materials presented are accurate or provide a complete description of the securities, markets, or trends referenced. Quad-Cities Investment Group LLC is an investment adviser registered with the U.S. Securities and Exchange Commission.
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