A recent survey shows more than half of parents with students in grades K-12 are likely to set a budget for back-to-school expenses. College students are focused on items they need – 83% plan to reuse where possible and replenish essentials, and 63% will refer to last year’s spending as a guideline.
Synchrony Financial’s 2015 Back-To-School Shopping Study found parents of children in grades K-12; parents of college students; and college students.
Price is an overriding concern for parents, even though most report they plan to spend the same or more this year. Regardless of purchase or shopper category, more than half seek deals online. However, supplies are most likely to be purchased in-store by 80% of college parents; 74% of college students; and 77% of K-12 parents. Nearly half of K-12 parents reported increases in supply lists over last year.
Other key findings from Synchrony Financial’s 2015 Back-To-School Shopping Study include:
• Category Spend
• Of the six purchase categories studied, clothing and shoes are the largest expense for parents and account for approximately one-third of their total back-to-school spend, followed by electronics. College students spend primarily on electronics, clothing and dorm room items.
• Back-to-school shopping begins before August 1 for nearly half of K-12 parents, and 51% said they already started shopping or plan to do so earlier than last year. Consistent with previous years, college students and their parents shop largely between July 15 and August 15.
• Digital Tools Support Shoppers
• In their quest for back-to-school bargains, many shoppers rely on their smartphones. More than half of college students use their phone to comparison shop, and more than one-third of K-12 parents search for coupons and online deals with their phone. Social media enables 46% of college students to compare prices and more than 30% of them – and parents of K-12 children – watch for deals on brands they follow.
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