NEW YORK - Consumers€™ days of cutting back-to-school spending are behind them, and shoppers are reverting to more traditional information sources to study up before heading to the store, according to Deloitte's annual Back-to-School survey.
Nearly 9 in 10 (88%) consumers surveyed plan to spend the same or more on back-to-school shopping this year, with higher prices a contributing factor for some families. Among those who plan to spend more this year (34%), nearly 6 in 10 (58%) cite higher prices as their reason for doing so and more than one-third (34%) say their children need more expensive items than last year.
Despite these intentions, few intend to forego the tradition of setting a budget or looking for a sale. Nearly 6 in 10 (59%) consumers have a budget in mind for back-to-school shopping, and while two-thirds (66%) say they will shop for items on sale, fewer respondents feel stores are offering them more value for their money (36% in 2012 versus 47% in 2011).
"Consumers€™ price sensitivity and bargain habits have been hard to break," said Alison Paul, vice chairman of Deloitte LLP, and retail & distribution sector leader, in a press release. "Retailers will likely have to give consumers a good reason to fill the baskets in their stores, such as promotions that incentivize volume purchases or return trips.
"Retailers may need to quickly analyze their customer data and traffic to identify, replenish and market the popular items that can keep the momentum up throughout the season," she said.