A survey released by Deloitte projects that spending for the back-to-school season among U.S. households will decrease this year compared to 2023. The report, published Thursday, indicates that economic uncertainty and shifting consumer financial priorities are key factors influencing the anticipated decline in spending for students in kindergarten through 12th grade.
According to Deloitte’s “2024 Back-to-School Survey,” total spending is forecast to reach $31.7 billion, a decrease from the record $34.4 billion spent the previous year. On a per-child basis, average spending is expected to be $597, down from $693 in 2023. The professional services firm notes this represents a 14% drop in nominal spending and a 6% decrease when adjusted for inflation.
The survey details a shift in spending across major categories. The most significant reduction is projected in technology products, with a forecasted 17% decline in spending per child. Apparel spending is also expected to decrease by 14%. In contrast, spending on traditional school supplies is projected to see a modest increase of 3%.
Deloitte’s report attributes the overall spending reduction to consumer sentiment regarding the economy. The survey found that 35% of respondents rated their personal financial situation as worse than the previous year. Additionally, 76% of surveyed parents expressed concern about rising prices for back-to-school products. In response to economic pressures, the report notes that 63% of parents plan to reuse items from previous years.
“After a few years of rapid growth, back-to-school spending is expected to reset in 2024 as families look to balance budgets and prioritize essentials,” said Nick Handrinos, vice chair at Deloitte LLP, in the company’s official release. “Consumers are demonstrating their savviness by reusing last year’s supplies and being more resourceful, which could pose a challenge for retailers during this important shopping season.”
The findings are based on a survey conducted online between May 23 and May 30, 2024, which polled 1,228 parents of school-aged children.
Alongside the K-12 data, Deloitte also released its “2024 Back-to-College Survey.” The forecast for college-related spending shows a similar trend, with an expected 11% decline in spending per student, from $1,367 in 2023 to a projected $1,219 this year. The total back-to-college market is forecast at $67.9 billion, down from $74 billion in the prior year.
