Financial and economic concerns will likely flatten the back-to-school spending, according to Deloitte research, averaging about $586 per student with a collective spend of $31.3 billion.
Parents expect to spend less on tech products but will increase spend on educational furniture and personal hygiene for students, according to a press release on the Deloitte study, 2024 Deloitte Back-to-School Survey.
Clothing and school supplies are expected to account for most of the back-to-school market spending, remaining flat at $12.6 billion and $7.4 billion, respectively.
Technology spending is set to decline 11% this year, possibly because many parents who invested in tech products during the pandemic for virtual or hybrid learning may not be in the market for replacements or upgrades. Meanwhile, other products (including personal hygiene items and educational furniture) are up 22% year over year.
"We expect back-to-school spending to be flat to down modestly when adjusted for inflation, mainly driven by middle-income families juggling financial priorities and ongoing inflation perceptions. Retailers can expect headwinds to volume and loyalty as consumers seek to save money. However, wanting to please their kids, retailers will likely have opportunities to harness the indulgences parents are willing to make," Stephen Rogers, managing director, Deloitte Insights Consumer Industry Center, Deloitte Services LP, said in the release.