: Back-to-school spending expected to reach a new high amid increased spending on mental wellness

by | Jul 15, 2022 | Stock Market

Back-to-school spending for children heading to kindergarten through grade 12 is expected to reach a high of $34.4 billion, according to the latest Deloitte back-to-school study, with spending on mental wellness forecast to grow 8%. Half of respondents to this year’s study say they are concerned about their child’s mental health.

“Following the uncertain social landscape of the past several years, many K-12 parents are focused on their child’s overall mental wellness,” Deloitte said in its announcement. More than a third of shoppers (36%) have purchased products or services to address mental health in the past year. Parents expect to spend about $661 per student this year. Technology spending for this age group is expected to decline by 8% after a surge during the pandemic in which online learning was prominent. For college students, technology is still a significant buy with spending on these items expected to surge 22%. Parents with college-age children expect to spend $28.3 billion this year, or about $1,600 per student, up 10% from last year. See: Supply-chain problems persist heading toward the back-to-school season, and the solutions give rise to a new set of risks With U.S. inflation climbing to a 41-year high of 9.1%, many parents expect to spend more simply due to higher prices. “This may lead to trust and brand loyalty issues for retailers, as 64% of survey respondents believe retailers are profiting from inflation, while three-quarters will trade b …

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