Published
August 07, 2024
The back-to-school season is in full swing, with families, students, and teachers gearing up for another school year. The season marks the beginning of another year filled with fresh starts, new academic opportunities, and giving back to local communities.
From pencils to sports equipment, businesses across the nation continue to ensure that American families, students, and teachers have everything they need for an enriching school year.
Businesses Support a Huge Market to Advance Academic Excellence
Back-to-school spending for 2024 is estimated to reach between $32 billion to $39 billion, with Americans expected to spend about $590 per child on back-to-school shopping in 2024, according to Deloitte Insights and the National Retail Federation (NRF).
Additionally, back-to-college spending is expected to reach $87 billion, with each collegiate household spending, on average, $1,365 on essentials like pens and pencils, notebooks, new clothes, and classroom electronics.
This reflects the significant investment families make in discretionary and non-discretionary items for the new school year while also highlighting the massive expectations businesses face in providing products to meet these needs.
Students and parents purchase everything from shoes to calculators to lunchboxes to prepare for the school year. Retailers are prepared to facilitate this with a wide variety of products.
This spending also contributes to economic activity in communities of all sizes around the country. From drug stores to dollar stores to big box shops to online retailers, U.S. businesses of all shapes and sizes fuel the back-to-school season for Americans.
- NRF data shows 95% of shoppers purchase back-to-school essentials, followed closely by clothing and accessories (94%), shoes (92%), and electronics (66%).
Meeting Demand: Businesses Support Shopping Trends
How consumers shop for back-to-school items is evolving, with a notable mixture of online and in-person shopping providing families with flexibility in meeting their needs.
- According to NRF data on back-to-school shoppers, 57% are engaging in online shopping, 50% are visiting department stores, and 47% are opting for discount stores.
- Similarly, the 19 million college students engaging in back-to-college shopping show a strong preference for online shopping (50%), with significant numbers also visiting department stores (35%) and discount stores (31%).
This multichannel shopping approach highlights the adaptability of businesses in meeting consumer needs across various platforms. Whether through e-commerce websites, brick-and-mortar stores, pharmacy drug store chains, or hybrid models like buy online and pick up in-store, retailers are providing convenient and flexible options for families.
Several reports find that consumers now show a significant preference for early shopping as well, with the NRF reporting that 55% of consumers began back-to-school shopping in July.
Deloitte Insights supports these findings, with shoppers reporting a considerable 66% of their back-to-school budgets being spent by the end of July as well. Sixty-six percent of consumers indicated that they engage in early back-to-school shopping as businesses offer affordable prices and attractive deals at earlier points in the shopping season.
Retailers throughout the U.S. serve American families and respond to consumer preferences by offering competitive price points and sales throughout the entirety of the back-to-school shopping season. This allows consumers to take full advantage of the discounts over several weeks while gearing up for the new school year.
Businesses Help Local Schools and Education Programs
In addition to providing families and students with the tools they need to get back in the classroom, businesses across the country also support local schools, students, and teachers.
Many local small businesses donate funds and back-to-school essentials, while others serve as community donation sites to pool resources for students and educators in need of extra supplies.
The school year offers learning opportunities outside of the classroom, and companies like Tractor Supply support important community programs, like local National FFA Organization chapters and 4-H clubs.
Youth sports also play a major role in the school year for students and families in communities of all sizes, and companies large and small contribute to team fundraisers and sponsor teams through ads in programs and banners lining sports fields. Recognizing the importance of youth sports, companies like DICK’s Sporting Goods partners with public schools to help fund sports programs across the nation.
Bottom Line: Back-to-School Can’t Happen without American Business
The back-to-school season is a testament to the dynamic relationship between businesses and American families. This dynamic not only drives economic growth but also ensures that students across the U.S. are well-equipped for a fruitful and informative academic year.
As we look forward to the 2024 school year, businesses are playing a fundamental role in fueling the back-to-school experience for millions of American families.
