A new survey conducted by Chase Slate with Blueprint reveals that more consumers are creating budgets for back-to-school shopping and sticking to it, meaning some parents are putting their foot down this year and will not be buying new smartphones or tablets their kids are asking for this season.
For the third year in a row, Chase SlateSM with Blueprint® released survey findings on how back-to-school shoppers are managing their spending and borrowing. Shoppers are taking a more financially responsible approach by creating a back-to-school budget and sticking to it, according to research released today by Chase. Thirty-eight percent report that they have a set budget for school-related expenses; in 2011, only 26 percent of people had created a budget for their back-to-school shopping. In addition, many consumers (32 percent) anticipate their spending on back-to-school shopping this year to reflect pre-recession figures.
“Consumers have learned a lot of valuable lessons about mindful spending over the last few years, and shoppers will be keeping those lessons top of mind whether they’re buying for school-age kids or stocking up for a semester at college,” said Rachana Bhatt, marketing director, Chase Slate.
Back-to-School Spending Trends
When asked what would be their biggest expense this year, clothing and apparel was the top category, selected by 43 percent of back-to-school shoppers. Roughly a quarter each said that either books or technology (such as computers, smartphones, and tablets) would be their biggest expenses (24% vs. 23%, respectively).
|“Back-to-school shopping can be a big expense, especially when kids want the coolest backpack to show off on the bus or the newest smartphone to stay connected at college."
That being said, parents are putting their collective foot down this year when it comes to popular gadgets. Half said they will not be purchasing the smartphones or tablets their kids are asking for this season. Twenty-six percent are drawing the line at designer clothes or shoes.
“Back-to-school shopping can be a big expense, especially when kids want the coolest backpack to show off on the bus or the newest smartphone to stay connected at college,” says personal finance expert and credit card journalist Erica Sandberg, who partnered with Chase on the survey. “By creating a budget and establishing a plan to pay off these expenses, parents can teach their kids a valuable lesson about money before they even set foot in the classroom.”
Smart Approaches to Spending in 2012
Finally, the Chase survey found that shoppers will use a variety of tactics to save money this season:
- 39 percent purchase necessities such as books first and only buy discretionary items with remaining funds.
- 34 percent make a list and stick to it
- 26 percent shop online to save time and money
- 17 percent begin shopping after school starts to take advantage of Columbus day and other post-season sales
- 7 percent leave kids at home when doing back to school shopping
This article is courtesy of Businesswire.
About the Chase Slate with Blueprint Back to School Survey
The study was conducted on behalf of Chase Card Services via an online omnibus survey by Research Now, an independent research company. Interviews were conducted from June 18-20, 2012 among a nationally representative sample of 1,204 adults age 18 and older. Please note that even though some data is trended that both the survey date and methodology differ from years past. The 2012 survey was conducted online rather than via telephone, which might account for differing trends in data. The 2011 results are from the Chase Back to School Survey conducted by phone with 1,009 adults nationwide from July 13-17, 2011. It was sponsored by Chase Card Services and fielded by SSRS (Social Science Research Solutions).