Despite Easing Inflation, 1 in 3 Back-to-School Shoppers Plan to Rely on Debt
Financial Strain on Back-to-School Shoppers
Despite easing inflation, 1 in 3 back-to-school shoppers will incur debt this year, as indicated by a recent survey from Bankrate. The study reveals a significant financial strain on households, with 31% of adults planning to use credit cards or buy now, pay later services.
Spending Trends Amid Inflationary Pressures
- 24% of shoppers intend to carry a credit card balance.
- 18% feel the budget for school supplies will be strained.
- 14% report feeling pressured to overspend.
The National Retail Federation anticipates that Americans will spend $38.8 billion on K-12 back-to-school shopping, which reflects a decline from last year’s $41.5 billion. Interestingly, the average household will spend about $875 this season. In contrast, back-to-college spending is expected to reach $86.6 billion, decreasing from $94 billion a year earlier.
This article was prepared using information from open sources in accordance with the principles of Ethical Policy. The editorial team is not responsible for absolute accuracy, as it relies on data from the sources referenced.