Consumers are going “old school”
Back-to-school shopping season brings in a surge of consumer spending, and this year customers are, surprisingly, taking their spending habits back to malls and brick-and-mortar stores.
According to a Deloitte survey, consumers are returning to malls and other brick-and-mortar stores for backpacks, crayons and more. Meanwhile, shoppers for school items will spend twice as much in-stores as they will online. Back-to-school season runs between July and September, during which American households are projected to spend $27.6 billion. This high amount makes it the second busiest shopping season, behind only the holidays.
According to CNBC, average spending on apparel, school supplies, electronic gadgets and more is expected to hit $510 per household this year. And $292 of that, or 57 percent, Deloitte found, will be spent in-store. That's more than double the $115 parents expect to spend on online shopping for back-to-school, or 23 percent of spending. Shoppers are undecided about where they will spend the remaining 20 percent: Either online or in-store.
Citi Retail Services released the results of its annual nationwide back-to-school shopping survey in July, to study one of the most anticipated retail events of the year. The study revealed a back-to-school conundrum -- while the vast majority of parents (81 percent) indicate they value savings over time, 70 percent of parents believe they are more efficient shoppers with their children, yet they are actually spending more money than when shopping alone. In fact, the average spent per child for back-to-school supplies, including clothing, books, classroom supplies, electronics and more is $322. When parents shop with their children, they end up spending $97 more on average.
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