LANSING, Mich. (WLNS) — With school right around the corner, the National Retail Federation (NRF) says higher prices are a major concern for shoppers trying to get supplies.
These concerns come after inflation hit a 40-year high in June, which is a key driver in this year’s near-record spending.
Officials say families on average will spend $15 more on their school supplies this year.
According to the National Retail Federation, spending on school clothes and supplies this year is on track to match last year’s record high of $37 billion.
Officials say that families with kids in school will spend an average of $864, and prices are up by nearly 15% this back-to-school season.
Backpack prices have gone up by nearly 12%, bringing the average to $70.
Some parents in the community say they’ve had to shift their shopping approach to being more selective including Katie Kuran, a Lansing resident and mom of an 11-year-old girl.
“We are hopefully using the same backpack. I am trying to convince her to use the same backpack from last year because the thing is, we have a budget and so it’s like the more things we don’t have to buy, then its like those things we don’t have to squeeze into that budget. If we don’t have to get a backpack, then that free’s up more money to get shoes. I kind of hate to say it, but its kind of like we have to choose.”Katie Kuran, Lansing Resident and Mom
With these skyrocketing prices, NRF says more families are planning on skipping travel or using their savings to be able to buy things such as backpacks, markers, and notebooks.
Some stores, including Meijer and Target, are offering coupons this back-to-school season to help out with high prices on necessities.