Back-to-School Shopping Debt: Impact on Americans in 2023

Back-to-School Shopping and Debt Trends

Recent findings indicate that back-to-school shopping will likely push around a third of Americans into debt. According to a July poll by Bankrate, 31% of shoppers expressed the necessity of accruing debt to manage their school supply purchases. High prices on essential items like clothing, supplies, and overall inflationary pressures contribute significantly to this financial strain.

The Rising Costs of School Supplies

As families prepare for the upcoming school year, shoppers are facing inflated prices on various items. Aside from educational supplies, consumers are already burdened by elevated costs for necessities like groceries and housing. This financial reality has several parents considering options that include taking on debt.

Comparative Analysis to Previous Years

• In a similar survey conducted by Intuit Credit Karma, 31% of parents admitted they could not afford back-to-school expenses.
• 34% stated they would need to incur debt for these costs.
• Although the financial burden seems high, many adults report that this year's back-to-school shopping feels less overwhelming than last year.

Current Economic Climate

Inflation has shown recent signs of moderation, with rates dropping to 2.9% in July—the lowest point since March 2021. This contrasts sharply with the record high of 9.1% observed in mid-2022. Such shifts in economic indicators suggest a developing trend that could bolster consumer confidence as we progress through the year.