Parents are expected to spend more on Back-To-School this year. Experts are predicting around $700 more. Several states offer a Tax Free Back-To-school holiday to help out.
Some 44% of parents expect to spend more this year than in 2021. Clothing and footwear appear to represent the bulk of the spending, Savings.com found, averaging $160 per child. The return to in-person learning was key to the extra need for school-appropriate clothes.
Key findings in the back-to-school survey:
- Parents expect to spend a total of $697 on average on school supplies for the 2022-23 school year.
- Almost four in 10 parents plan to spend over $600 on back-to-school shopping this year; only 6% of parents expected to spend that much last year.
- Almost half of parents feel inflation will impact their ability to buy everything their child needs.
- Nearly half — 44% — of parents plan to seek assistance for back-to-school purchases.
Several retailers are addressing the shopping concerns by offering deals in the days leading up to the start of school, Savings.com listed, including: Old Navy, The Children's Place, Kohl's, Best Buy, Walmart, Apple, Office Depot, Target and Staples.
Several states offer tax-free or tax-reduced periods where parents get a break in sales tax on certain back-to-school items.
Savings.com surveyed 530 adults who have children attending K-12 schools, with a median family income between $50,000-$74,999. The survey was conducted online in July 2022.
TAX FREE HOLIDAY INFO:
- Dates: August 5 – 7, 2022
- Save on: Clothing, backpacks, & school supplies (up to $100 per item)
- State Website
- Dates: July 25 – August 7, 2022
- Save on: Clothing (up to $100 per item), school supplies (up to $50 per item), learning aids (up to $30 per item), computers and computer-related accessories (up to $1,500 per item)
- State Website
You can also get more info HERE