SALT LAKE CITY (KUTV) — As summer vacation continues, students may not be eager to think about returning to class, but parents are already gearing up for the back-to-school shopping season.
This year, there is both good news and bad news regarding the cost of school supplies and services.
For the first time since the pandemic, prices for many popular back-to-school items have decreased, according to Robert Spendlove, a senior economist at Zions Bank.
“You are going to be pleasantly surprised to see that notebooks, pencils, pens, shoes, and clothes are less expensive than they were in the past,” Spendlove said.
He noted that one of the most significant price drops is in calculators, which are down about 12 percent, while smartphones and other technology have also seen a significant decrease.
Despite the drop in goods prices, costs for back-to-school services remain high.
“Things like school tuition, school fees and haircut prices,” Spendlove said.
He explained that during periods of inflation, prices for goods tend to rise and fall first, with service prices following suit.
The price of core services in Utah has remained higher than the nation as a whole. Spendlove said ironically, that’s a sign of a strong economy where there’s a demand for workers. Utah workers have also seen higher wage increases than other parts of the country.
On average nationally, parents of K-12 students are expected to spend about $900 per child on back-to-school items, while college students may incur costs around $1,400.
To avoid overspending, Spendlove advised parents to approach back-to-school shopping with a clear plan.
“Have an idea of what you are going to buy and what it’s going to cost. You should also have an overall budget, not just a budget for each item,” he said.
By planning ahead and staying informed, parents can better manage their back-to-school expenses.
___