Half Of Back-To-School Shoppers Will Need To Do This In 2023
Parents all over New York State know the familiar feeling of receiving their kids’ back-to-school supplies shopping list. It seems like the older your children get, the longer the list grows - and with it, the cost.
Back-to-school shopping has never been cheap, but it’s a necessary evil. And unfortunately this year, parents can expect to pay more than ever.
The National Retail Federation estimates families will spend an average of $890 on back-to-school supplies this year. The record high cost is due in part to inflation and the immense cost of electronic devices like computers and tablets.
Unfortunately, skyrocketing prices of school supplies are leaving consumers no choice but to lean on other ways to get the things that they need.
Almost Half Of Americans Will Finance Back-To-School Shopping In 2023
A survey conducted from YouGov and CNET Money found 43% of shoppers will use financing to pay for the supplies they’ll need this upcoming school year.
It also revealed 27% of consumers plan on using an existing credit card to pay for back-to-school supplies, while 12% will open up a new credit card all together.
Other ways shoppers will purchase their kids’ school supplies are through “buy now pay later” programs (10%) and dipping into their retirement savings (10%).
Credit Card Debt Continues To Climb In New York State
Earlier this year, the Federal Reserve Bank of New York reported that Americans owe credit card companies $986 billion, which is a 17% increase from the previous year.
Even more bad news? Thanks to several interest rate hikes over the past year to combat the rapidly rising inflation, credit card debt across the US shows no sign of slowing down.
How Shoppers Are Saving Money This Back-To-School Season
In order to not break the bank, families are implementing several measures to save a few bucks on back-to-school shopping this year.
Here are several ways that consumers are planning to save money in order to afford school supplies in 2023, according to CNET’s survey.