Shopping for back-to-school essentials is becoming a real struggle for families whose household budgets are stretched to the max by surging inflation.
Mid-July is typically when shopping for necessities such as clothes, shoes, backpacks, classroom supplies and gadgets for the new school year gets underway in earnest.But as high inflation takes a bigger bite out of budgets, many households are scrambling to afford these annual purchases for their children."For this back to school season, we're going to see price take the priority over brand," said Kathy Gramling, head of Americas consumer markets with EY.
An NRF back-to-school spending survey of 7,830 consumers conducted between June 30 and July 7 showed 68% are experiencing higher prices for the most popular school and college-related purchases, such as clothing, school supplies, shoes, electronics and furniture.Many parents, stretched to the max by high inflation, are struggling to afford this year's back to school necessities.How are they budgeting for these purchases?The survey showed 38% are cutting back their spending in other areas.
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