The Back-To-School Supplies That Will Cost You An Arm And A Leg
The start of school is around the corner and parents have begun buying back-to-school supplies, but some are more expensive than others.
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As August rolls around, people will be headed to the store in droves to get back-to-school supplies. Unfortunately, school products will be more expensive than they were in years prior. Due to countless socioeconomic factors, prices for common household goods have skyrocketed. Today, parents and teachers alike will have to figure out how to purchase needed items like erasers, pens, and gluesticks.
Though various factors have compounded to make goods like backpacks and pencils more expensive, the US can mostly blame inflation for rising prices. Inflation was at one of its highest recorded rates in US history, hitting a 9.1% increase in June. Since the beginning of the summer, the inflation rate has slightly petered off, but that doesn’t mean items have dropped substantially in price. As people prepare for their classes, the back-to-school supplies pricetags have become an unfortunate addition to an already higher cost of living.
Brian Mandelbaum, CEO of consumer data company Klover, stated that no one is “immune” to the rising prices of everyday goods. Though everyone is affected by rising costs, those who are substantially impacted are the families living “paycheck to paycheck.” Those in higher tax brackets are better equipped to handle rising prices, while many lower-income families have to budget extraordinarily to afford necessities like pens and papers. Klover studies how much people spend on products every year, which has shown people spending much more on back-to-school supplies this year than in 2021.
Klover uses consented user data and point of sale price data to find the yearly spending index. After surveying over three million users, the index found that people were spending significantly more on back-t0-school supplies, even though overall transactions dropped in 2022. Electronics, school, and office supplies were all categories with fewer transactions this year than in 2021, but people’s spending has still increased. The Klover index proves that though families are budgeting for higher-priced supplies, cutting out products won’t alleviate overall spending for those who are financially crunched.
Not only are fewer transactions happening at retailers, but shoppers are buying fewer items when they shop. Though people are putting fewer items in their carts, shoppers are still spending more on back-to-school supplies than in 2021. Everyday goods like tape have increased by 60%, while clothing prices like shoes have increased by 12%. Popular school supplies items like Sharpies and glue have skyrocketed in cost by 55% and 30%, respectively, since last year. Even pens and pencils have been affected severely by inflation, experiencing a 12% rise in overall cost.
DataWeave, an analytics firm, recently surveyed Instacart, Kohl’s, and Meijer to see how expensive their back-to-school items have become. As of August 10th, DataWave found a 25% average increase for low-cost school supplies. Other supplies like notebooks and folders experienced the most significant jump in the price tag value, jumping 32% since last year. Higher price-point items like lunch boxes increased by 14%, averaging $25 across all three sellers.
Families are caught in a catch-22 this August when dealing with unfathomably high prices for their back-to-school supplies. Though many are attempting to budget for the inflation rate, people are stuck having to pay more for their necessary items.
