CHARLOTTE, N.C., Aug. 26, 2020 /PRNewswire/ -- This back-to-school
season is unlike any we've ever seen. With the school year riddled
with uncertainty, it's no wonder 2 in 3 parents said they're
stressed about shopping for gear and supplies. CompareCards's
annual Back to School survey of parents reveals a significant
stress uptick compared to last year's report, along with some other
pandemic-related findings.
Full report:
https://www.comparecards.com/blog/back-to-school-spending-survey/
Key Findings:
- Stress is up: With 67% of shoppers stressed about paying
for back-to-school shopping this year, it marks a big increase from
the 43% who said the same in 2019.
- Looming back-to-school debt: This year, 3 in 10 expect
to go into debt because of back-to-school shopping, up from 26%
last year.
- Bigger expenses: Back-to-school shoppers expect to spend
11.7% more than last year, at an average of $478 per shopper compared to $428 in 2019.
- Family tensions on the rise: 1 in 5 respondents
anticipate more shopping-related fights with their child than last
year, with the majority citing the pandemic as the cause of
anxiety. Those who were laid off or furloughed expect more
arguments than parents who are still working.
- A shopping shift: Nearly half (44%) of parents plan to
do most of their back-to-school shopping online. That's up from 13%
of shoppers who said the same in 2019.
"In a normal year, there's stress from the cost of
back-to-school shopping, the rush to get it all done, the arguments
with your kids over what you should buy and more," said
Matt Schulz, chief credit analyst at
CompareCards. "However, this year's widespread joblessness and
confusion over just what the upcoming school year will even look
like means that everyone is even more on edge than normal."
Spending expected to increase
Here are some of the homeschooling-focused categories that
survey takers said they expect to spend more on:
- Electronics: 47% more than last year
- Office supplies: 44% increase from 2019
- Athletic equipment: up 37%
Top back-to-school items parents plan to purchase in 2020:
- Clothing: 84%
- School supplies (pens, binders, etc.): 84%
- Shoes: 78%
- Backpacks: 54%
- Electronics: 50%
Shoppers are more stressed and many contemplate taking on
debt
- Laid off or furloughed parents (64%) are worried about
affording back-to-school shopping this year than those who are
still employed (48%).
- 1 in 6 shoppers said they had to use savings meant for
back-to-school shopping to cover other expenses during the
pandemic.
- To help them bridge the gap, 4 in 10 parents said they will
rely on their credit cards when shopping this year, while 3 in 10
expect to go into debt because of it — that's up from 26% last
year.
Stress leads to arguments for some families, while others
expect less conflict
- 1 in 5 parents said they expect more conflict than last year.
The majority said that the anxiety all stems from the coronavirus.
Those who were laid off or furloughed expect more arguments than
parents who are still working.
- On the other hand, 38% actually expect to argue less, and many
said it's because there's simply less to buy.
How parents can reduce back-to-shopping stress
- Shop around for the best price: With 44% of parents
planning to do most of their back-to-school shopping online, they
can compare prices with the click of a button. Take the time to
look for deals.
- Use credit cards to earn rewards: Take advantage
of lucrative rewards by paying with a credit card (like
the Target Redcard, Walmart Rewards
Card or Amazon Prime Rewards Visa Signature Card).
- But try to avoid credit card debt: If you're using
credit because you're cash-strapped, another strategy to consider
is browsing 0% intro card offers, some of which give you a
year or more to pay down a balance without incurring any extra
interest.
- Buy just the basics for now: If your child is going
to start off fully remote, they don't need a whole new wardrobe for
fall. For in-person instruction, take an inventory of what you have
in the house already before you shop (i.e. art supplies and
loose-leaf paper).
- School the kids on budgets: When it comes to money
and kids, be upfront with them. They may whine and complain at
first, but generally they'll understand.
- Find creative ways to compromise: If last year's
backpack is still in good condition, that'll free up cash for other
essentials. For smaller kids, a pack of stickers can help jazz up
bargain bin supplies without having to splurge on more expensive
brand items.
To view the full report and for more information, visit
https://www.comparecards.com/blog/back-to-school-spending-survey/.
About LendingTree
LendingTree (NASDAQ: TREE) is
the nation's leading online marketplace that connects consumers
with the choices they need to be confident in their financial
decisions. LendingTree empowers consumers to shop for financial
services the same way they would shop for airline tickets or hotel
stays, comparing multiple offers from a nationwide network of over
500 partners in one simple search, and can choose the option that
best fits their financial needs. Services include mortgage loans,
mortgage refinances, auto loans, personal loans, business loans,
student refinances, credit cards and more. Through the My
LendingTree platform, consumers receive free credit scores, credit
monitoring and recommendations to improve credit health. My
LendingTree proactively compares consumers' credit accounts against
offers on our network, and notifies consumers when there is an
opportunity to save money. In short, LendingTree's purpose is to
help simplify financial decisions for life's meaningful moments
through choice, education and support. LendingTree, LLC is a
subsidiary of LendingTree, Inc. For more information, go
to www.lendingtree.com, dial 800-555-TREE, like our Facebook
page and/or follow us on Twitter @LendingTree.
About CompareCards:
CompareCards' mission is
to help people make smarter, more informed, healthier financial
decisions based on deeper knowledge of financial offers. Each
month, over 2.9 million visitors come to CompareCards' website to
independently compare credit cards side-by-side and choose a credit
card based on interest rate, reward benefit, cost savings, and
other factors that are important to each person. CompareCards
provides easy-to-use, objective tools and educational resources
that help people do everything from making credit card comparisons
to managing their credit health. For more information, please visit
http://www.comparecards.com.
MEDIA CONTACT:
press@comparecards.com
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