Happy days are here for those who sell back-to-school merchandise. JLL’s Back-to-School Shopping Survey, reported in Chain Store Age, reveals that parents expect to spend 21.8% more than they did in 2023 on back-to-school goods. And they’re likely shopping right now.
The survey shows that all parents, regardless of income, plan to “allocate a larger share of their budgets to discretionary products rather than school-required items.” This is especially true of parents with higher incomes.
Per-child spending is also on the rise—for the second year in a row—going from $390 to $475. Keisha Virtue, a senior analyst of retail research at JLL, says, “Our survey demonstrates that parents are prioritizing back-to-school essentials and will continue to play a crucial part in driving consumer spending and foot traffic.”
Almost all the parents surveyed (nearly 90%) plan to interact with physical stores in some way, and parents will spend over 63% “of their shopping budgets in stores versus online.” Again, this is especially true of high-income shoppers.
Saving money is still important to parents, and sales, deals, and coupons motivate them to buy. But, they also plan to spend less—48% expect to either purchase fewer products or buy second-hand goods.
The report notes that more parents plan to visit multiple stores, so perhaps you can offer discounts based on the overall spend, encouraging them to buy more in your store.
There’s even better news for mall-based retailers—6% more parents will shop in malls this year than last. And they have higher budgets—about $656.
JLL says back-to-school purchases cross numerous categories, including electronics, sporting goods, hobby stores, musical instrument shops, bookstores, general merchandise stores, and clothing stores.
Naveen Jaggi, president of retail advisory services at JLL, says, “We are seeing a positive shift in parents’ shopping habits for back-to-school.”
Over 75% of parents started shopping this month or earlier, so you must start marketing your business immediately.
School shopping stock image by FotoAndalucia/Shutterstock
Rieva Lesonsky is CEO of GrowBiz Media, a media and custom content company focusing on small business and entrepreneurship. Email Rieva at rieva@smallbusinesscurrents.com, follow her on Twitter @Rieva, and visit her website SmallBusinessCurrents.com to get the scoop on business trends and sign up for Rieva’s free Currents newsletter.