IN A SCHOOL DAZE

Parents pressured to spend as classes resume

’Tis the season. It’s time for back-to-school shopping, a period that is starting to catch up with the Christmas holiday shopping season as a reason for angst.

As retailers are understandably crowing about what seems to be shaping up as another record-setting back-to-school shopping season, a growing number of Americans say they are participating in this spending spree only under pressure.

The National Retail Federation reports that families with children in elementary school through high school plan to spend an average $696.70 to get their kids ready to learn — fashionably, and with the latest gadgets at their disposal. That’s up from $684.79 last year and tops the previous record of $687.72 set in 2017.

Families with college students are expected to spend an average $976.78, which is up from last year’s $942.17 and tops the previous record of $969.88 set in 2017.

Total spending for K-12 schools and college combined is projected to reach $80.7 billion, down from last year’s $82.8 billion, largely because of the decreased number of households with children in elementary through high school.

A July survey conducted by the NRF revealed that clothing and accessories will top K-12 families’ expenses at an average $239.82, followed by electronics such as computers, calculators and phones ($203.44); shoes ($135.96); and supplies such as notebooks, pencils, backpacks and lunch boxes ($117.49). K-12 families plan to do most of their shopping at department stores (53 percent), discount stores (50 percent), online (49 percent), clothing stores (45 percent) and office supply stores (31 percent).

Among K-12 shoppers, teens are expected to spend an average $36.71 of their own money, up from $30.88 10 years ago, while pre-teens should spend $26.40, up from $11.94 ten years ago.

And while the added spending may make retailers happy, many shoppers aren’t so thrilled.

A recent YouGov survey commissioned by Bankrate.com found that more than 4 in 10 parents (43 percent) who have gone back-to-school shopping have felt pressured to overspend. This includes 51 percent who currently have children under the age of 18.

Meanwhile, a previous Bankrate.com survey found that 57 percent of parents with children under the age of 18 who give gifts during the holiday season have felt pressured to overspend on presents.

Millennial parents (ages 23-38) are the most likely to have felt the squeeze. Fifty-six percent of millennial parents who have gone back-toschool shopping say they have felt pressured to spend more than they’re comfortable with, compared to 39 percent of older parents.

“This is the first time we’re studying this aspect of back-to-school spending, but my educated guess is that the perceived pressure to overspend is on the rise,” said Bankrate.com analyst Ted Rossman. “As our study shows, millennials are about 3.5 times as likely to feel pressure to overspend. Of course, this whole notion of overspending is in the eye of the beholder.”

He added that back-to-school has taken on a broader definition.

“Today we’re not just talking about pencils and school supplies per se, but also about a broad array of clothes, accessories and electronics.”