How Much Did You Spend This Year?
Back-to-school shopping can be an emotional time, and when stress levels rocket, we’re prone to spend too much, says consumer psychologist Kit Yarrow. “Kids get panicky about getting a certain item — they feel a lot of pressure to show up with the right equipment,” says Yarrow, author of Decoding the New Consumer Mind: How and Why We Shop and Buy.
Parents feel that pressure, too: 81% said they get all their child’s school supplies by the first day of school so their child’s “prepared to succeed right from the start,” according to Staples’ recent survey of 1,006 parents.
The National Retail Federation recently released its annual Back-to-School Spending Survey. Some highlights of the poll of over 6,500 consumers, conducted June 30 through July 8:
• $630.36: Average amount families with children grades K-12 plan to spend this year, down from $669.28 last year.
• $68 billion: Projected total spending for the back-to-school and college shopping season.
• 42%: How much back-to-school spending has increased in the past decade.
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