• On Good Things Utah this morning – It’s the time of year when parents everywhere are scrambling to make sure they’re checking everything off the school supplies list before their kids go back to school. Unfortunately this year, prices are higher than ever on simple classroom necessities.
    • A new study conducted by WorldRemit shows that the cost of school supplies in the US this year has soared 28% compared to 2022. It also shows that 40% of countries will pay more than their monthly income on school supplies this year—a startling figure. The National Retail Federation (NRF) reports back-to-school shopping is expected to reach record levels. Spending for back-to-school is expected to reach an all-time high of $41.5 billion. Last year that number was $36.9 billion. Families with children in elementary through high school plan to spend an average of $890.07 on back-to-school items this year, approximately $25 more than last year’s record of $864.35 and a new high, per the NRF.
    • Prices for basic necessities like crayons, highlighters, pens, and pencils have increased an average of 18.5% between August 2022 and June 2023. According to data provided to The L.A. Times by market analytics firm NielsenIQ, the cost of planners, binders and folders increased by an average of 48.5% in that same period. With prices of supplies higher than ever and the average U.S. salary still not aligning with inflation, many families are searching for deals online and in discount stores. “Even though consumers plan to spend more on school and college-related items this year, they are still looking to find the best value and deals,” Prosper Executive Vice President of Strategy Phil Rist said. “Consumers are stretching their dollars by comparing prices, considering off-brand or store-brand items, and are more likely to shop at discount stores than last year.” We hope you join us as we dive into this Hot Topic and so much more on our special GTU Back To School edition!