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Back-to-school shopping has become a challenge for Lauren Cyr this year.
As a mother of three, she has diligently searched for deals and spread out her shopping across multiple paychecks. However, she has noticed higher price tags on everything from backpacks to paper, putting more strain on her family budget compared to previous years.
“Before I even went shopping, I had a full-on panic attack and cried,” said Cyr, a customer service manager living in Ruskin, Florida. “It’s just a headache.”
Cyr is not alone. According to a survey of over 7,800 consumers released last month by the National Retail Federation and Prosper Insights and Analytics, an average family with children in elementary through high school plans to spend a record-breaking $890.07 on back-to-school items this year. The total spending on school-related items is expected to reach a new high of $41.5 billion.
However, there is a silver lining: Back-to-school shoppers are less likely to attribute their increased spending to higher prices in 2023 compared to 2022. Instead, consumers reported that purchases of more supplies and bigger-ticket items have contributed to the higher spending this year.
Still, rising costs can leave millions of Americans struggling to afford school supplies for their children. While inflation has generally slowed down, prices of school supplies continue to rise.
“For the average family, there’s going to be sticker shock,” said Jay Zagorsky, a professor at Boston University’s Questrom School of Business.
Zagorsky advises shoppers to be flexible in their purchasing decisions and not insist on buying specific items or brands as prices rise. This way, they can ensure both a happy child and a happy wallet.
CNBC analyzed the producer price index, which tracks the changing costs of items typically purchased for students, between 2019 and 2023. The data revealed that the costs of making these items have increased over time, leading to smaller products or higher prices for consumers.
Retailers like Gap, Kohl’s, Walmart, and Target are trying to attract customers with deals and promotions as prices continue to rise. Walmart, for example, has kept the price of its school supply basket the same as last year by offering affordable items like backpacks starting at $6. Target also started the back-to-school season with a special sale for its loyalty program members in early July.
Although the federal data may not perfectly reflect the change in spending as prices can vary by brand, store, or location, it does provide insights into how much more consumers across the country are paying for essential back-to-school items.
Paper
The cost of paper, including writing and printing paper, as well as tablets and pads, has been on the rise. In June 2023, paper cost producers approximately 24% more compared to the same month four years prior, while tablets and pads saw a 33.1% increase during that period.
Writing, art, and office supplies
Prices of products like glue and pencils have also been increasing. Inflation for pens, markers, mechanical pencils, and associated parts has peaked but still remained 13% higher in June 2023 compared to the same month in 2019. Similarly, a group of goods that includes lead pencils and supplies typically used in offices and for art has experienced a 23.2% price increase from June 2019 to June 2023.
Backpacks
Backpacks, the iconic symbol of students, have also become more expensive to produce. While the price increase for backpacks has been relatively lower compared to other goods, they still cost 10.5% more in June 2023 than in the same month in 2019.
— CNBC’s Gabriel Cortes and Melissa Repko contributed to this report.
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