By Susan Viamari, Editor, Times & Trends
With the first day of school only days away, parents are adopting new strategies to fulfill their annual back-to-school shopping needs, such as classroom materials, lunch supplies, and new clothes that will keep their children trendy. For students, everything is a necessity—from protractors to skinny jeans—but the economic reality is that back-to-school shoppers aren’t willing to break the bank.
What are these new strategies consumers are depending on to conserve their money? Economizing is a primary trend and is not just for lower-income families; it is being adopted by all. SymphonyIRI Group, Inc. has just completed new research titled, “SymphonyIRI Group Special Report: Back-to-School 2010,” which is filled with back-to-school research with several surprising conclusions, such as:
- Among households earning $100,000 a year or more, 46 percent said they will begin or already have begun to shop at supercenters to purchase items at lower prices.
- Fifty-eight percent of back-to-school shoppers have begun to buy items in bulk in order to save money
- Fifty-seven percent say they are starting to purchase the on-sale items rather than their favorite brands
- Forty-six percent of respondents report they are using the strategy of buying what they need on an as-needed basis
A surprising 40 percent of shoppers say that have begun re-using their school supplies from previous years. With all these people counting every penny, store brand items have moved to the top of consumers shopping lists. Sixty-eight percent of the respondents said store brand products are equal to brand named products, proving to be a very good option for dollar-conscious customers. With 46 percent of back-to-school shoppers stating that they are financially worse off this year, it is obvious why these changes are taking place. Do consumers believe these new shopping strategies will become the norm for years to come?
- A surprising 37 percent stated that they believe their financial situation will be better next year
- Forty-four percent think that they will be in about the same place
- A pessimistic 19 percent predict they will be worse off
Despite this, it is likely that shoppers will still lack the confidence to spend even if more money is presented to them. Like the households surveyed that make $100,000 or more a year, just because people have money these days does not mean they are willing to spend it. With this said, it is likely that bargain shopping will be here to stay.
