Americans set to spend a total of $39 billion on back-to-school shopping this year

Last year, consumers spent a record amount, $41.5 billion, on back-to-school shopping, surpassing the previous year’s high by roughly 12%. This year, consumers have become more restrained due to price hikes and an economic slowdown, leading to uncertainty. However, the National Retail Federation expects back-to-school spending in 2024 to be the second-highest on record at $38.8 billion. Despite the caution, consumers are still focused on finding deals and being price-conscious. Stationery, apparel, and electronics, which are usually discretionary spending categories, are considered essential during the back-to-school season. Consumers are seeking out sales and retailers are being promotional to attract price-conscious customers. Some school supplies are cheaper than the previous year, and inflation in retail prices is expected to fall this year. Despite the economic challenges, consumers remain optimistic, and their spending volumes for back-to-school shopping should remain in line with last year. Some families have changed their spending habits by adopting a more measured approach and finding ways to do more with less. They are being resourceful, seeking out deals, and relying on their communities for support, resulting in lower back-to-school spending.