At a time when inflation and rising interest rates are stretching household budgets, consumers are reassessing and making tough decisions about their purchases.
With back-to-school in full swing, TransUnion surveyed consumers to assess if and how their school-related shopping habits changed this year. Key findings included:
- More than half of survey respondents said they expected to spend more or considerably more on back-to-school shopping this year
- Nearly 40% planned to substitute less expensive items
- Roughly 40% of shoppers said they’d use BNPL services to purchase back-to-school supplies compared to just 2% of consumers responding to TransUnion’s 2021 Consumer Holiday Shopping survey
Retailers face a highly competitive marketplace where change is constant. Get more detailed findings by downloading the Back-to-School Report.