A Target store in Queens, New York.
Lindsey Nicholson | UCG | Universal Images Group | Getty Images
The back-to-school shopping season is in full swing, with the hefty bills to prove it.
Nearly one-third — 31% — of back-to-school shoppers said that buying supplies for the new year will put them into debt, according to a new report by Bankrate, which polled more than 2,300 adults in July.
A separate report by Intuit Credit Karma also found that 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. That survey polled more than 1,000 adults last month.
Higher prices are partly to blame: Families are now paying more for some 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, most families say back-to-school shopping is less of a strain in 2024 compared with a year earlier, Bankrate found.
Overall, inflation continues to retreat. The consumer price index, a key inflation gauge, rose 2.9% in July from a year ago, the U.S. Department of Labor reported. That figure is down from 3% in June and the lowest reading since March 2021.
“Shoppers aren’t clutching their wallets nearly as tightly this year,” said Ted Rossman, Bankrate’s senior industry analyst. “It’s important not to let your guard down, though.”
Back-to-school spending may hit nearly $40 billion
Families with children in elementary through high school plan to spend an average of $874.68 on school supplies, just $15 less than last year’s record of $890.07, according to the National Retail Federation.
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.
More than 75% of parents said they believe schools ask them to buy too much during back-to-school season, according to a report by WalletHub.
Parents ‘influenced’ to splurge
Despite having to navigate tight budget constraints, 85% of parents said they could be influenced to splurge on a “must-have” item or brand, another survey by Deloitte found. In May, the firm polled more than 1,100 parents who will have at least one child in grades K through 12 this fall.
More from Personal Finance:
‘Emotion-proof’ your portfolio ahead of the election
‘Recession pop’ is in: How music hits on economic trends
More Americans are struggling even as inflation cools
According to Casey Lewis, a social media trend expert, low-rise jeans; Adidas Campus sneakers, which cost as much as $110 at adidas.com; and Jester backpacks from North Face, retailing for $75 or more, are topping students’ wish lists this year.
“There’s a lot of pressure to have…
Read More: Some families say back-to-school shopping will put them in debt