The pandemic continues to reshape the higher education landscape, from how kids attend college to the supplies they need. Parents are grappling with financial concerns, rising inflation, and their students’ mental wellness, but still plan to spend more YoY. In contrast to our back-to-school findings, digital continues to accelerate, with tech items aiding market spend.
Your back-to-college key findings
Inflation drives spend up 10%
Despite mounting economic uncertainty, parents are making back-to-college a priority in their budgeting and plan to spend $1,600 per child, up 10% YoY.
Tech spurs market growth
The estimated back-to-college market size will reach $28.3B this year, up 6% YoY. Digital integration pushed tech sales up, while supplies and furniture declined.
Digital remains hot
Even as many return to stores, parents plan to spend 38% of their budget online. Social media and emerging tech tools both see increases.
Mental health top of mind
Parents are aware of the stress their students face. They are looking to purchase solutions to help improve mental health, spending 8% more on average.
Despite inflation worries, parents don't plan to reduce back-to-school spending
Sustainability and mental health are higher priorities in this year's back-to-school spend, while digital spending drops.