Home » Lifestyle » Inflation has shoppers fearing back-to-school items will strain budgets
Inflation has shoppers fearing back-to-school items will strain budgets
FOX Business Flash top headlines for August 10
Check out what’s clicking on FoxBusiness.com.
Shoppers getting squeezed by inflation are worried back-to-school shopping will further strain their already tight budgets, according to a recent Bankrate report.
This fear is pushing most consumers, specifically middle-income households, to rely on money-saving tactics to offset these costs, according to a Bankrate survey of over 2,400 U.S. adults.
Of those surveyed, 41% revealed that inflation, which climbed 8.5% in July, will change the way they shop for the 2022-2023 school year. Nearly all of these shoppers — about 95% — are employing money-saving strategies.
This year, families with children in elementary through high school will spend an estimated average of $864 on school items, according to the National Retail Federation.
BACK-TO-SCHOOL RETAIL SPENDING EXPECTED TO GROW 7.5% WITH DEPARTMENT STORES MAKING A COMEBACK