Shoppers Fighting Against Inflation on Back-to-School Purchases By Staying Informed

Shoppers Fighting Against Inflation on Back-to-School Purchases By Staying Informed

Shoppers Fighting Against Inflation on Back-to-School Purchases By Staying Informed

New research from Deloitte shows that rising costs and a risky economy is making more consumers turn to smart shopping tactics to find the best deals. 86% of people surveyed are trying to spend the same amount as last year on supplies for children returning to school, but inflation will make this task difficult. Higher food costs and rising energy prices are the main reasons families will be cutting back on back-to-school spending this season. Half are also pinching pennies due to continuing problems with the job market.

Nearly 30% of consumers think that merchandise is priced higher than last year, and nearly 70% are looking for the lowest prices as they shop. Consumers are being vigilant about costs and less concerned with brand names or other attributes this year. Deloitte is warning retailers that they will need to focus on low prices rather than styles or fads and that promotions may be needed to move larger or higher-end products.

Smartphones are also being used to hunt down the best deals. 64% of consumers who own a web-enabled phone locate the items they want for this back-to-school shopping season. 61% will use their phones for price comparison, making it faster to see if a competing retailer offers a better deal. Consumers will also be surfing their favorite social networks looking for promotions and coupons to bring down costs even further.

Nearly 60% of consumers are also cutting back on their school related purchases to only the necessities. Over a quarter reported that they will reuse items from last year to save money, and 10% are making less trips for shopping to cut back on gas costs. High income families are reporting less of the restraint that lower income families are showing, naturally, but a small percentage of households with annual incomes above $100,000 are cutting back on their school supplies budgets as well.


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