Parents in almost every income bracket plan to spend more during the back-to-school season compared to last year, with wealthier households (earning over $150,000) increasing their budgets the most. Additionally, despite inflation concerns, parents earning over $50,000 will not cut back on their budgets.
Lower-income parents, defined as earning less than $50,000, however, are cutting their budgets because of inflation, are looking for sales, coupons and deals and will start shopping in July or August, per the report. Higher-income parents will start shopping in early June and are buying private label products to save money.
