The latest “Back-to-School Shopping Report 2024” by JLL reveals that parents are planning to increase their back-to-school budgets by 21.8%, despite concerns about rising prices. In fact, almost 90% of parents surveyed plan to visit physical stores for their shopping needs.
One surprising finding from the report is that even though inflation is a concern, there has been a significant increase in planned budgets. According to Keisha Virtue, Senior Analyst at JLL’s Retail Research department and co-author of the report, this trend is seen among families earning over $50,000 annually while those earning less than $50,000 plan on cutting their budgets by an average of 18%.
Another noteworthy revelation from the report is the preference for physical stores among parents when it comes to purchasing items like shoes and clothing for school-aged children as they can try them on before making a purchase. Additionally, many families are turning towards malls and utilizing services like in-store pickups and curbside pickup due to concerns about shipping costs and delivery delays.
Furthermore,the report also highlights an earlier start date for back-to-school shopping with some families beginning as early as May (especially higher-income households) while others wait until July when sales become more common or take advantage of tax-free savings opportunities.
In conclusion,Virtue emphasizes the importance of retailers catering towards these early shoppers by stocking up on back-to-school merchandise sooner rather than later.The partnership between Dormify (a popular college dorm supply brand)and OfficeDepot may also contribute positively towards boosting sales during this time period.
