AUSTIN, Texas — As families across Central Texas gear up for another school year, a new survey shows that most are spending slightly less to send their kids back.
The Deloitte survey dives into the budget balancing act parents are putting on to send their kids back to school. More than $31 billion in potential sales is up for grabs in 2024, about the same as last year. However, families are budgeting slightly less per child than they did in 2023.
Per child spending is down $11 with low- and middle-income families struggling the most financially. Nearly half of parents surveyed said they have less money to spend on school supplies, while 44% say they are concerned about the economy.
Nearly two-thirds of low-income families are cutting back on other expenses, while more than half are delaying major household purchases. High-income families are spending about 5% more to send their kids back to school, with only 39% saying they're cutting back on expenses.
Back-to-school spending trends
One thing everyone can agree on is the rising cost of purchases. According to the survey, 73% of parents are worried about everyday spending.
Half of parents say they'll buy in bulk to save money while 41% say they will buy smaller packs to replenish as needed. Meanwhile, 40% said they'll cut back on school supplies to fit their budget before cutting things like clothing, accessories and tech products.
Extracurricular activities
One area where parents are willing to go beyond school supplies is in extracurricular activities.
Parents expect to spend $586 per child on back-to-school shopping but also expect to spend $582 on their child's extracurricular activities.
Deloitte says 80% of parents plan to enroll their children in extracurricular activities, including 71% of low-income families. The reason? While 73% say it's an investment in their child's future, 58% say it's also positive for children's mental health. More than half also say it keeps their children busy while they're at work.
You can see the full Deloitte survey on their website.
