RALEIGH — Fueled by continued inflation, school supplies for the 2023-24 school year will be the costliest ever, according to a press release by the National Retail Federation (NRF).
Inflation had been decreasing over the last year but spiked again by 3.5% in July according to the Bureau of Labor Statistic’s Consumer Price Index report.
“Back-to-school spending is expected to reach an unparalleled $41.5 billion, up from $36.9 billion last year and the previous high of $37.1 billion in 2021,” the NRF press release says of its annual survey. “Back-to-college spending is expected to hit $94 billion, about $20 billion more than last year’s record.”
The overall spending this year is a 12% increase over the previous year.
According to NRF’s survey, families with kids in K-12 should plan to spend “an average of $890.07 on back-to-school items this year,” which the group says is “approximately $25 more than last year’s record of $864.35 and a new high.”
The survey this year included 7,843 consumers and was administered from June 30 to July 6. The margin of error was plus or minus 1.1 percentage points.
Last year’s back-to-school spending for K-12 gave many families sticker shock with parents estimated to spend an average of $864, which was $15 more than they spent in 2021. Average spending in 2021 came in at around $848, $59 more than was spent in 2020.
NRF reports that increased spending this year is “primarily driven by more demand for electronics,” with 69% of families expected to buy electronics such as computers; the highest rates in the survey’s history. The rate for electronics purchases last year was 65%.
A July report by e-commerce group Pattern showed individual school supply staples have all increased, such as graph paper up nearly 18%, folders up 13% and crayons jumping almost 12%.
Families wanting to cut costs may avail themselves of deals online or by hitting their local dollar store. North State Journal found a deal on a 32-piece “Back to School Supply Box Grades K-5” on Amazon going for $29.99. Similar supply bundles on Amazon containing folders, composition notebooks, pens, pencils, glue, rulers and other items ran anywhere from $20 to $50.
NRF’s survey expects spending by families with college students to set a new record. Those families are estimated to spend an average of $1,366.95 per student. In 2022, that spending was $1,199.43 per student. The previous record high was in 2021 at $1,200.32. Additionally, NRF notes that back-to-college spending has nearly doubled since 2019.
School supplies for classroom use are not the only costs hitting family wallets. Clothing prices are also up over last year, with clothes for girls increasing by 7.2% and boys’ apparel costing 3.4% more compared to last July.
