Although we’ve all been dreaming that the economy will completely bounce back and we can once again say that it is flourishing instead of floundering, it hasn’t happened yet. This year’s back-to-school spending predictions prove it.
9 in 10 Americans say the economy will impact their back-to-school spending in some way according to the National Retail Federation. The NRF is a very handy source for finding out information for all major retail shopping seasons, back-to-school being second only to the winter holidays. Parents are being very cautious this year and are taking a look at what their children can reuse from last year so they don’t have to spend so much.
Average spending on kids in grades K-12 is expected to reach $603.63 per family, which is down $3 from last year. Now it isn’t a huge decrease, but it is never the direction retailers want to see spending head in. Total college and K-12 spending in America is estimated to hit $68.8 billion.
So what retailers have to realize this year is that they will need to pull out all the stops when it comes to enticing shoppers to buy from them. To pull out those stops you need to make your business the most financially friendly to parents. 50% of parents will shop for sales more often and 30% will head online to comparison shop before making a purchase. 40% plan on going generic or buying store brands and 37% will use more coupons.
Make your store stand out with special sales and deals that parents won’t be able to pass up. Try to use product bundles, i.e. buy a backpack and save 30% if you purchase the backpack, notebooks, and pencils together. Parents will be excited to get more for a lower price. Online stores should consider free shipping deals since 15% of people will be spending more online. Give out coupons upon checkout so people will be more inclined to visit you again in the near future.
Retailers are surely hoping that this decrease in spending will be no indication of what people will be spending during the upcoming holiday season. Those predictions may be yet to come, but do you think shoppers will be holding back more this holiday shopping season?