Nearly 70% of U.S. back-to-school shoppers expect to spend more this year

It is learned that on July 23, according to foreign media reports, 41% of American consumers plan to go back to school shopping this year, and 68% expect to spend more than last year.

Nearly three-quarters of consumers say they feel stressed about back-to-school shopping, according to a new LendingTree survey of 2,000 U.S. consumers aged 18 to 78. Overall, 41% of U.S. consumers plan to do back-to-school shopping this year, with 68% expecting to spend more than last year.

The survey showed that 31% of consumers said they could not afford to buy school supplies this year, up from 26% in 2023. Among Generation Z shoppers aged 18 to 27, the proportion was even higher, reaching 38%. 40% of consumers expect to incur large expenses for back-to-school shopping, with an average cost of $793.

In terms of shopping channels, 23% of consumers prefer online shopping, while 39% prefer in-store shopping, and 38% will adopt a combination of online and physical store shopping. In addition, male consumers prefer online shopping more than female consumers (29%: 18%), while more female consumers plan to shop in stores than male consumers (44%: 34%).

Meanwhile, 31% of back-to-school shoppers say they have completed their shopping lists. Gen Z leads the pack (38%), while only 20% of Gen Xers, ages 44 to 59, say they have completed their shopping lists. Notably, Millennials, ages 28 to 43, have the longest shopping lists and lead in nearly every major category, as they are more likely to have younger children and their needs vary more from year to year.

In terms of payment method choice, debit cards (42%) are the most popular payment method among back-to-school shoppers, followed by credit cards (29%) and cash (22%). Gen Z is the group most likely to rely on buy now, pay later payments (6%).

To offset the cost of back-to-school shopping, the vast majority (84%) of consumers said they will take the time to compare to find the best deals, and 37% of consumers also use the strategy of starting shopping early to spread the cost (42% of millennials use this strategy). More than a quarter of consumers (28%) plan to buy fewer supplies this year to save money.

Author ✎ Rayna/

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