The latest “Back-to-School Shopping Report 2024” by JLL reveals that despite concerns about rising prices, parents are planning to increase their back-to-school budgets by 21.8%. This is a significant finding as almost 90% of parents surveyed plan to shop in physical stores for their back-to-school needs.
One surprising discovery from the report is that even though inflation is a concern, there has been an increase in planned budgets. Keisha Virtue, Senior Analyst at JLL’s Retail Research department and co-author of the report, commented on this trend saying it was unexpected but promising.
In addition to budget increases, another noteworthy aspect highlighted in the report is the preference for shopping at brick-and-mortar stores. According to Virtue, this could be due to factors such as being able try on clothes and shoes before purchasing or avoiding shipping costs and delays.
Furthermore,the data shows an earlier start for back-to-school shopping among higher-income families with some starting as early as May. However,lower-income families tend wait until July when sales are more common or take advantage of tax-free savings opportunities.The importance of catering merchandise towards these early birds was also emphasized by Virtue.
Overall,the “Back-to-School Shopping Report” indicates positive trends for retailers with increased spending expected from both high-earners and low-earners alike,and a preference towards physical store experiences over online shopping.This aligns with recent partnerships between major brands like Dormify and OfficeDepot which aim boost school sales.Finally,it highlights how important it will be for retailers curate their merchandise accordingly,to cater not only those who start early,but also those who prefer waiting till later months when discounts become available.
