US back-to-school spending to remain muted in 2024, Deloitte says
By Anuja Bharat Mistry and Ananya Mariam Rajesh
July 15 (Reuters) -Back-to-school spending this year is expected to be flat or lower in the United States, as shoppers dial down on expensive electronics such as laptops and personal computers, Deloitte said.
Shoppers are likely to spend $31.30 billion, or about $586 per student, in kindergarten to 12th grade, Deloitte said, citing its shopper surveys. That compares to $31.90 billion, or $597 per head, for 2023, it said.
WHY IT'S IMPORTANT
Parents typically look for large discounts on sneakers, computers, clothing and backpacks ahead of the new school year. Walmart WMT.N, Target TGT.N and China-founded Shein commenced back-to-school deals in the first week of July, earlier than usual, to get a jump on Amazon AMZN.O, which will hold a two-day Prime Day event on July 16 and 17.
KEY QUOTE
Middle-income families are focusing more on value and willing to shop for private label, said Stephen Rogers, managing director, Deloitte Insights Consumer Industry Center.
"As the summer sales events have become almost the unofficial start of back to school shopping, retailers need to have those promotional offers ... queued up right, ready to go," Rogers said.
Retailers and consumer products companies can expect to see a continued volume pressure right in the back-to-school quarter, he added.
BY THE NUMBERS
About 67% of parents surveyed may sacrifice loyalty if the preferred brand is too expensive, Deloitte said. The survey polled a sample of 1,198 American parents of school-aged children.
Shoppers are likely to spend $12.60 billion on clothing and school supplies, roughly on a par with what they spent in 2023, and $8.6 billion on technology products, down 11% from a year earlier.
Middle-income families making between $50,000 and $99,000 in a year are expected to cut their spending by 9%, while low-income families making less than $50,000 could slash their spending by 4% in 2024.
Meanwhile, higher-income families whose annual incomes exceed $100,000 are expected to see a 5% rise in average spending to $721 per child, compared with $689 a year ago, Deloitte noted in the report.
GRAPHIC
Expected category spend during back-to-school season 2024 https://reut.rs/4cUO7Es
Reporting by Anuja Bharat Mistry and Ananya Mariam Rajesh in Bengaluru; Editing by Shreya Biswas
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