Hoosiers will spend over $700 on back-to-school shopping.

The average Hoosier will spend over $700 on back-to-school shopping.

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As the summer season reaches its peak, the annual ritual of back-to-school shopping has once again taken center stage. However, this year, a significant number of consumers are feeling the weight of this traditional spending spree.

According to a recent survey conducted by LendingTree, a staggering 68% of back-to-school shoppers are experiencing stress due to the financial burden associated with preparing for the new academic year.

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The study revealed that 46% of Americans are planning to engage in back-to-school shopping. The average expected expenditure is $702 per household. It is this impending expense that has left nearly seven out of ten shoppers feeling overwhelmed and anxious. The prospect of managing such expenses is so daunting that 33% expect to go into debt. 34% anticipate spending more this year due to the impact of inflation.

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The survey also shed light on the most sought-after items. Unsurprisingly, clothing topped the list, with 84% of respondents planning to purchase new outfits for the upcoming school year. School supplies followed closely at 77%, while shoes and backpacks rounded out the list at 73% and 60%, respectively.

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Another striking revelation from the study was the timing of back-to-school shopping. Nearly half of the surveyed shoppers (48%) had already begun their purchases by the end of June, with a surprising 19% already having completed their shopping by that time.

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Back-To-School Shopping Strategies:

Creating a budget and sticking to it can help manage expenses effectively. Additionally, taking advantage of sales, discounts, and shopping earlier in the season can save money. Furthermore, open communication between parents and children about realistic expectations for back-to-school purchases can help set boundaries and reduce unnecessary expenses.

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