Parents say schools asking too much for back-to-school supplies: Survey
FILE - Shoppers peruse notebooks and other back-to-school items in a Wal-Mart store. (Credit: Tim Boyle/Getty Images)
More parents are feeling the financial strain when it comes to back-to-school shopping.
More than 3 in 4 parents (79%) said that schools are asking parents to buy too much during the back-to-school season, according to a survey conducted by personal finance website WalletHub.
What’s more, most parents (86%) believe the cost of education has gotten out of control and more than half (52%) said they will have to spend more on school supplies later in the year.
Andrea Toch, a parent of two children in Arizona, told FOX Business earlier this month that not only have expenses for back-to-school supplies "seem to have skyrocketed" but "the supply lists from schools feel like they’re getting longer each year."
"That doesn’t even include backpacks, lunch boxes, clothes, shoes, etc. which adds several more hundred dollars to our anticipated back-to-school budget," she said, adding that some items on the list, like "Ziploc bags and baby wipes, could be removed to help reduce costs on families."
Back-to-school spending expected to reach billions
Parents are projected to spend $31.3 billion collectively on back-to-school shopping, according to Deloitte's 2024 back-to-school survey.
When broken down, parents will be doling out a hefty $586 per K-12 student. That's up nearly $60 from 2020, and is only exacerbating the strain on families living on a tight budget.
According to Deloitte's report, parents are projected to spend $20 billion on clothing and school supplies alone. Both categories are slated to account for most of the back-to-school spending.
Spending on technology, meanwhile, is projected to drop 11%., which Deloitte said could be due to the fact that many parents invested in tech products during the COVID-19 pandemic and may not be in the market for replacements or upgrades.
But spending on products, such as personal hygiene items and educational furniture, is also projected to climb 22% year-over-year, according to Deloitte.
Value over brand names
In order to save a few bucks, parents are also prioritizing value over brand name or retail loyalty.
And instead of waiting until the usual back-to-school shopping timeline, many parents are opting to begin their shopping earlier in the year.
In fact, the data shows that the majority, 66%, of spending is projected to occur by the end of July, which is up from 59% last year, according to the survey.
A separate survey from the National Retail Federation (NRF), showed that a majority, 85%, of shoppers plan to use Prime Day and other retailer sales this month to buy notebooks, pencils and other classroom staples.
About 62% will shop at a more affordable retailer, and about half said they will shop for private labels over name brands, according to Deloitte.
FOX Business contributed to this report. This story was reported from Los Angeles.