Early shoppers are poised to spend 26 percent more than those who wait, survey finds.
Retailers that promote early deals and take the hassle out of back-to-school shopping will get the extra credit this year from parents of K-12 kids, according to Deloitte’s “2016 Back-to-School Survey.” This year, parents are set to spend an average of $488 ahead of the school year, and early shoppers are likely to spend 26 percent more than those who come late to the game. That means that savvy retailers need to play to those early shoppers.
“The majority of households say their finances are solid and expect to spend the same or more on back-to-school compared with last year, but it seems the thrill is gone,” said Rod Sides, vice chairman, Deloitte LLP and retail and distribution practice leader. “Back-to-school is more about function than fun because people automatically expect the deals all the time — they get the savings plus the convenience without a lot of extra work.”
The survey also revealed that:
In-Store shopping still prevails. Roughly two-thirds of money spent on school supplies (66 percent) and clothing and accessories (63 percent) will be spent in brick-and-mortar stores this year. Yet, 30 percent also reported that they are turning more to the option of buying online and picking them up in store.
School Recommendations Sway Purchases More Than Kids’ Preferences. Sixty-seven percent of parents said that they pay more attention to school recommendations and prepared supplies lists than to their own children’s request, with nearly one-third opting to buy pre-configured supply kits this year.
Researching is crucial. The majority of shoppers say they plan to research online before shopping in physical stores, and 25 percent will use social media to search for promotions and coupons to help cut their costs.
“Retailers are getting the online and mobile views and clicks, but customer engagement often stops there during this season,” continued Sides. “Back-to-school shopping has become more surgical and task-oriented as parents customize their own assortment based on discounts, free shipping and pre-purchase options. That puts retailers to the test to create a connection that goes beyond just a deal-driven interaction with an indifferent shopper.”
Technology dominates. The trend is looming: 31 percent of shoppers report that they will be purchasing fewer traditional school supplies in lieu of electronics, as their students are using more technology for school. Twenty-nine percent of shoppers say they plan to purchase electronics, spending an average of $456 on computers and $286 on tablets/smartphones/wearables for their school-age children.
The full report and infographic is available for download here.
