By SWNS Staff
NEWS COPY w/ VIDEO + INFOGRAPHIC
American parents are splurging on back-to-school shopping this year by spending an average of $843 on each child, according to new research.
The study polled 2,000 American parents of school-aged children and found that projected spending on each child is up by 19% from an average of $707 last year.
With spending up, it is no surprise that more than a third of parents (37%) started their back-to-school shopping earlier this year. In fact, half of parents (51%) will have started their back-to-school shopping before August arrives.
Of those staying ahead of the game and getting their shopping started and finished early, two in three (67%) are doing so to help them budget better and another 59% want to take advantage of sales.
Conducted by OnePoll on behalf of Affirm in July 2021, the survey found that clothes (70%), school supplies (43%) and backpacks (39%) are the top things American parents are prepared to splurge on for their kids this back-to-school season.
With budgeting for these items top of mind, it only makes sense that parents spend a little over an hour (68 minutes) looking around for the best back-to-school deals.
While more parents plan to shop in-person this year than last (39%, up from 35%), four in 10 plan to shop both in-person and online, and for good reason — 50% agree there is more variety online and 42% agree buying everything in one place is a major perk of in-store shopping.
And in a surprise turn of events, in addition to shopping for their kids, 65% of parents said they wouldn’t mind actually doing their own “back-to-school shopping.”
The top items parents will splurge on for themselves are clothes (68%), shoes (58%), self-care items (33%) and even a bottle of wine (17%). Nearly half of parents (48%) said they even plan on celebrating when their kid goes back to school.
Parents’ excitement for heading back to school doesn’t stop there — nearly a quarter (22%) are planning to take a vacation without their kids to mark their child’s return to the classroom.
“This year, back to school shopping is for both kids and parents,” said Silvija Martincevic, Chief Commercial Officer at Affirm. “Parents are planning to spend significantly more on back-to-school items like clothes, shoes and self-care items. Regardless of what they’re shopping for, the need for financial flexibility is clear. In fact, 50% of parents surveyed are interested in using a pay-over-time solution for their back-to-school shopping this year.”
For parents interested in using a pay-over-time solution for their back-to-school shopping, the most popular categories they plan to shop for are clothing/shoes (65%), electronics (52%), backpacks and book bags (44%) and school supplies (40%).
“With parents preparing to spend significantly more on back-to-school items this year than last, it’s more important than ever for them to leverage financial tools like pay-over-time solutions to help them to spend responsibly and stay within budget,” said Martincevic. “With this in mind, it’s encouraging to see that more than a third of parents polled have already used a pay-over-time solution in the last six months.”
