Gently used backpacks, lunch boxes, and other back-to-school gear have been flying off the shelves at a Toronto children’s store this summer. Despite the high cost of living and inflation, consumers are still focused on finding affordable options for this back-to-school season.
Once Upon a Child, a Canadian store that specializes in buying and selling gently used kids’ clothing and toys, has seen a surge in demand since last year. According to Kate Young, the marketing director of the store’s Leaside location, sales have been up this year as people realize they need to cut back on spending. Young believes that the rising cost of everything is making people more conscious of their budgets.
A study conducted by Deloitte Consulting last year found that the average back-to-school shopping bill in Canada was $700 per student. However, a recent survey from the firm revealed that the cost of school supplies has increased by 24% in the past two years due to inflation. As a result, Deloitte expects consumers to spend less, with an average of $597 on school supplies, as people across income brackets try to be more mindful of their back-to-school spending.
According to the survey, families are prioritizing school supplies over sustainable options, clothes, and tech purchases. People are realizing that they don’t need to buy brand new items every year and are exploring more affordable options. Once Upon a Child offers most items at approximately 70% off the retail price, making it an attractive choice for budget-conscious consumers.
Statistics Canada recently reported that annual inflation rose to 3.3% nationally, exceeding the central bank’s target range. This increase in inflation may be contributing to the shift in consumer behavior and the desire to spend less on back-to-school items.
The Retail Council of Canada conducted a survey that revealed that one in four Canadians plan to go back-to-school shopping this year. While almost 74% of Canadians plan to spend more than $50, there has been a 3.4% increase in the number of people planning to spend less compared to last year. Canadians are being cautious with their money due to higher interest rates and inflation but are still willing to spend on essentials for their families.
The survey also highlighted a shift towards purchasing lower-priced items compared to previous years. Stationery is expected to be the top spending category, followed by clothing. This change in purchasing behavior reflects the impact of inflation and the desire to be more cost-conscious.
Another online study by NerdWallet Canada indicates that inflation is forcing 27% of Canadians to purchase fewer back-to-school supplies this year. Over half of parents plan to shop during sales to make more affordable purchases. Additionally, 14% of participants expect to go into debt to cover back-to-school expenses.
Teachers are also feeling the impact of rising costs. One kindergarten teacher with the York Region District School Board mentioned how she plans to shop more cautiously this year due to the high prices. Inflation has made her reconsider every purchase, and she now prioritizes finding sales and deals. The rising costs have even affected the dollar store, where items are no longer priced at a dollar.
Ultimately, consumers are becoming more mindful of their back-to-school spending as they face the challenges of inflation and the high cost of living. They are seeking affordable options, exploring secondhand stores like Once Upon a Child, and planning purchases around sales and discounts. These changes in consumer behavior reflect a shift towards more cost-conscious and sustainable shopping habits.
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