Footwear News’ Post

Back-to-School Spending Insights: What US Parents Are Prioritizing in 2024 In May 2024, Deloitte surveyed nearly 1,200 US-based parents of school-aged children (grades K to 12) about their back-to-school spending plans. The results are clear: value is their top priority. Early Shopping for the Best Deals Parents are looking to shop earlier in the season, especially around mid-July promotional events, to find the best deals. The more they save early, the more flexibility they have for indulgences. Interestingly, 85% of parents said they could be influenced to splurge on their children’s must-have products, and 50% plan to purchase something for themselves. Balancing Needs and Wants Parents are juggling the need to check necessities off school lists versus splurging on novelty items their children want. They also need to balance low prices with convenience, while managing a cost-of-living squeeze, repadding their savings, and enrolling their children in extracurricular activities. Key Spending Trends: - Prioritizing Prices and Savings: With a focus on savings and extracurricular activities, parents plan to spend an average of $586 per child, similar to last year. - Value Over Loyalty: Parents are prioritizing value by shopping earlier (66% of budgets expected to be spent by the end of July versus 59% in 2023), switching to private labels (50%), and exploring more retail formats for the best deals (4.7 versus 3.9 in 2023). - Splurging for Special Reasons: Despite a focus on necessities, 85% of parents could be influenced to splurge on must-have items or brands to make the start of school exciting and boost their child’s self-esteem. Additionally, 50% plan to treat themselves, presenting opportunities for add-on sales. These insights are from Deloitte’s back-to-school spending survey, highlighting the current trends and priorities among US parents. #consumersurvey #consumerinsights #consumerbehavior #temu #ecommerce #onlineshopping #backtoshopping

The impact of inflation on family spending habits is evident in the latest PYMNTS Intelligence study. Married parents with children at home are prioritizing essential items and child-related expenses, while households without children focus on household goods and pet supplies. Older, childless households, like baby boomers and seniors, are spending more on travel due to stable incomes and fewer financial obligations. This highlights a contrast in financial resilience and discretionary spending between different household compositions. Understanding these trends can help merchants tailor their offerings to meet the evolving needs of consumers. #ConsumerBehavior #familyspending #inflationeffects

Really provides insight into why so many Millennials and GenZs don't want to have kids and it's nothing to do with selfishness. Would have been more powerful if they had included the average income of a couple in each state to see the contrast between gross income and what is needed to "get by" if you have 2 kids. You can find the average income info here: https://lnkd.in/gJig3w6x #middleclass #economichardship

📊 Federal Reserve Survey Highlights Financial Struggles for Parents * 🏦 The Federal Reserve released its annual Survey of Household Economics and Decisionmaking this week. * 📉 The percentage of parents with children under 18 who felt "financially okay" has declined. * 📅 This is the lowest percentage since 2015. * 💸 Skyrocketing childcare costs are likely to blame. * 📉 The financial well-being of American parents with young children is plummeting, highlighting how unaffordable childcare costs have become. * 🗓️ The survey, published on May 21, collected responses from 11,000 people in October 2023. * 🔍 The survey examines the economic well-being of US households and potential financial risks. * 📊 Overall financial well-being was "nearly unchanged" between 2022 and 2023. * 😟 Some groups "continued to experience financial stress at higher rates than others," including parents with children under 18. 🔗 Conclusion: * This is why many families need supplemental income, such as a side hustle. * 🌐 Digital Marketing is an excellent option, offering a flexible schedule and rapid growth potential. * 📈 With digital marketing, parents can earn extra income while managing their primary responsibilities, making it an ideal solution in today's economic climate. If you wish to e.a.r.n more from home or anywhere, why not consider to join our Digital Marketing platform? To watch our 🆓 info session, leave your name and email on my website (link in comments).

“Back-to-school spending this year is expected to be flat or lower in the United States, as shoppers dial down on expensive electronics such as laptops and personal computers, Deloitte said.” “Shoppers are likely to spend $31.30 billion, or about $586 per student, in kindergarten to 12th grade, Deloitte said, citing its shopper surveys. That compares to $31.90 billion, or $597 per head, for 2023, it said.” “Parents typically look for large discounts on sneakers, computers, clothing and backpacks ahead of the new school year. Walmart (WMT.N), Target (TGT.N), and China-founded Shein commenced back-to-school deals in the first week of July, earlier than usual, to get a jump on Amazon (AMZN.O), which will hold a two-day Prime Day event on July 16 and 17.” “Middle-income families are focusing more on value and willing to shop for private label, said Stephen Rogers, managing director, Deloitte Insights Consumer Industry Center.” “Retailers and consumer products companies can expect to see a continued volume pressure right in the back-to-school quarter, he added.” “About 67% of parents surveyed may sacrifice loyalty if the preferred brand is too expensive, Deloitte said. The survey polled a sample of 1,198 American parents of school-aged children.” “Shoppers are likely to spend $12.60 billion on clothing and school supplies, roughly on a par with what they spent in 2023, and $8.6 billion on technology products, down 11% from a year earlier.” “Middle-income families making between $50,000 and $99,000 in a year are expected to cut their spending by 9%, while low-income families making less than $50,000 could slash their spending by 4% in 2024.” “Meanwhile, higher-income families whose annual incomes exceed $100,000 are expected to see a 5% rise in average spending to $721 per child, compared with $689 a year ago, Deloitte noted in the report.” - Anuja Mistry, Ananya Mariam Rajesh

More millennials live with their parents than with roommates, and a recent survey revealed that 65% of parents provide some form of financial support to their adult children aged between 22 and 40. Read more here: https://bit.ly/496IdyJ Set up your child for success in their chosen career, should you not be around to support them. Get a quote for Education Insurance in under 5 minutes: https://bit.ly/3YDTyle #educationinsurance #education

💸 The #earnings gap between #childfree couples and parents has narrowed to its lowest level in almost 40 years, new figures show. Research shows that the #income premium traditionally enjoyed by so-called dinks – couples with double income, no kids – fell to just £5,622 in 2022. This is the lowest since 1985, when it was £5,494 after adjusting for inflation according to the Institute for Fiscal Studies (IFS). It comes after a year in which social media platforms such as TikTok have been awash with videos of self-proclaimed #dinks flaunting their expensive holidays, spontaneous outings and quiet time, which they claim is only possible by opting out of #parenthood. The average couple with children had £26,616 to live off after housing costs in 2022 while those with no dependents had £32,238, according to new #IFS analysis of figures from the Office for National Statistics. What are the drivers of this trend? Find out here👇 https://lnkd.in/ef9m9gQw

Financial confidence is high and people are looking to spend more but value remains at the heart of their decision-making process. Read our latest consumer outlook and find out which consumers will buy into value-add schemes, and which consumers might be turned off 👇 https://lnkd.in/eHPj6WRa

The share of 25-35 year-olds living with parents is at its highest since the 1940s. The prevalence of young adults living with parents is increasing in all parts of the country, and for both those with and without college degrees. In this report, explore the long-term evolution of this trend. https://lnkd.in/eqS5FenS

📊 Federal Reserve Survey Highlights Financial Struggles for Parents * 🏦 The Federal Reserve released its annual Survey of Household Economics and Decisionmaking this week. * 📉 The percentage of parents with children under 18 who felt "financially okay" has declined. * 📅 This is the lowest percentage since 2015. * 💸 Skyrocketing childcare costs are likely to blame. * 📉 The financial well-being of American parents with young children is plummeting, highlighting how unaffordable childcare costs have become. * 🗓️ The survey collected responses from 11,000 people. * 🔍 The survey examines the economic well-being of US households and potential financial risks. * 📊 Overall financial well-being was "nearly unchanged" between 2022 and 2023. * 😟 Some groups "continued to experience financial stress at higher rates than others," including parents with children under 18. 🔗 Conclusion: * This is why many families need supplemental income, such as a side hustle. * 🌐 Digital Marketing is an excellent option, offering a flexible schedule and rapid growth potential. * 📈 With digital marketing, parents can earn extra income while managing their primary responsibilities, making it an ideal solution in today's economic climate. If you wish to e.a.r.n more from home or anywhere, why not consider to join our Digital Marketing platform? To watch our 🆓 info session, leave your name and email on my website (link in comments). #DigitalBusiness #EntrepreneurLife #OnlineBusiness #WorkFromAnywhere #DigitalMarketing #BusinessGrowth #MarketingStrategy #OnlineEntrepreneur #SmallBusinessOwner #SocialMediaMarketing #WorkLifeBalance