Back to school hauls follows TikTok’s underconsumption core trend

Just when it seemed more Americans were inspired by the ideas of “underconsumption core” and “conscious consumerism,” which aim to put a lid on social media-influenced overspending, the back-to-school shopping season kicked off early — followed by TikTok hashtag #backtoschoolhauls.

As of the beginning of July, more than half, or 55%, of students and families had already started buying supplies for the start of the academic year, according to the National Retail Federation.

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“The back-to-school shopping season has increasingly started earlier each year,” largely driven by retail strategies, said Cassandra Happe, an analyst at WalletHub.

Sales events like Target Circle Week and Amazon’s Prime Day started even earlier in 2024, “aiming to capture early-bird shoppers and outpace competitors,” Happe said.

Altogether, this year’s back-to-school spending, including for college students, is expected to reach $38.8 billion, the NRF also found. That’s the second-highest tally ever, after last year’s $41.5 billion marked the most expensive back-to-school season to date.

According to another report, by Intuit Credit Karma, nearly one-third, or 31%, of parents said they can’t afford back-to-school shopping this year and 34% expect to take on debt to cover the cost of supplies.

Higher prices are partly to blame: Families are now paying more for key back-to-school essentials such as backpacks ahead of the new school year. CNBC used the producer price index — a closely followed measure of inflation — to track how the costs of making certain items typically purchased for students has changed between 2019 and 2024.

On the upside, starting earlier may offer the best opportunities to find the best deals, a separate survey by Deloitte found, at a time when household finances are particularly squeezed.

“However, this approach can also lead to increased spending due to rising costs and the temptation for impulse buys,” Happe said. “Parents might find themselves spending more overall, especially on high-ticket items and electronics.”

More than 75% of parents said they believe schools ask them to buy too much during back-to-school season, another report by WalletHub found.