New shoes, new clothes and new backpacks can add up, and almost 40% of those surveyed said they plan to spend over $400 on shopping for the new school year. Unsurprisingly, 76% of parents surveyed said that prices for back-to-school items are higher now compared to this time last year. That cost increase aligns with the sentiment of the 70% of Americans who say the economy is getting worse, according to a July 2024 Gallup poll.
When considering how groupthink can influence back-to-school shopping decisions, 64% of parents are feeling the squeeze. Of those surveyed who considered societal pressures, 43% of parents said they’re trying to balance what their child wants versus what they can afford to spend. Just under a quarter of parents (24%) reported prioritizing what their child needs over social pressures with 12% saying they don’t feel influenced by others at all when it comes to shopping for their kid.
However, whether it’s trying to keep up with the Joneses or simply stave off FOMO for their offspring, 12% report buying the latest trends and brands for their children so they can fit in with 9% planning to spend more on clothing and gadgets just because other parents are doing the same.