Back-to-school season is here early! The average American household spending will be as high as $377!

It is learned that according to KPMG's "2023 Consumer Pulse Back-to-School Survey", 62% of American consumers have started or plan to shop before August 1 this year, which is higher than 53% last year.

More than 60% of back-to-school shoppers are concerned about inflation, with 70% of them looking for early discounts to counteract the impact of rising prices on back-to-school items. Additionally, 57% of shoppers plan to buy cheaper brands.

All in all, more consumers will shop early and look for discounts this year compared to last year's back-to-school season; on the other hand, they will spend more this year as inflation pushes up prices.

During the 2023 back-to-school season, approximately 60% of shoppers plan to shop in physical stores; the groups most likely to shop online are Generation Z, Millennials, and high-income families; hypermarkets remain the primary channel for back-to-school shopping, and are expected to account for 37% of wallet share.

The survey also found that American parents expect to spend an average of $377 per child, up 21% from a year ago, with spending ranging from $212 per preschooler to $640 per college freshman.

Apparel, footwear and school supplies are core purchase categories and will account for 56% of each shopper’s budget, a slight increase from 54% in 2022. Notably, approximately 80% of shoppers say they will definitely purchase apparel and footwear.

Fewer families are considering luxury items as part of their back-to-school budget this year, at 37%, compared to 53% last year. Nine percent fewer people are worried about being able to afford food or household items this year compared to last year. More than 40% of back-to-school shoppers believe they are worse off financially than they were a year ago, while 32% believe they are better off.

Among shoppers who plan to spend more on back-to-school items for their children, 82% said it’s because items cost more and 36% said it’s because they need to buy more supplies.

“Inflation is forcing U.S. consumers to shop earlier and they are seeking merchandise sold at discounted prices, which will increase traffic and excitement for retailers in a challenging environment,” said Matt Kramer, national consumer and retail leader at KPMG.

Editor ✎ Nicole/

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