NEW YORK (MainStreet) A majority of parents plan to shell out more money on their children's back-to-school shopping this year, driven by rising costs rather than having greater spending power, according to a survey conducted by Accenture, the Chicago-based management consulting and technology services company.
The survey, which polled parents of children entering kindergarten through college, shows that 89% plan to do most of their back-to-school shopping in a physical store, although many will still go online to browse ahead of time before purchasing at a store, which is known as "webrooming."
I think that people prefer doing their back-to-school shopping at physical locations, because they can take their children with them," said Gail Cunningham, spokesperson for the Washington, D.C.-based National Foundation for Credit Counseling. "That way the kiddos can say whether or not they like the clothes and try on them on, thus avoiding returns. Today's child knows exactly what he or she wants and mom is aware of that, so she's saving herself some time by letting them be part of the shopping experience."The majority of parents (67%) said they plan to spend between $100 and $500, and 41% plan to spend $500 or more for back-to-school shopping this year, according to the survey conducted by Accenture. Just over half (52%) of the parents said they will spend more on back-to-school shopping than last year and 37% plan to spend the same.
Their back-to-school budget increased this year with 71% of parents who said higher prices are the cause and 56% who cited increased school requirements. Many parents said they plan to spend less on shopping this year with 58% who plan to decrease spending by $100 or less than last year. More than half or 55% of these parents said they will reduce their spending because they have less discretionary income and 28% say they will reduce spending because of higher living costs.