Escalating Back-to-School Expenses with Reduced Range of Supplies for school shoppers
Rising Prices and Limited Options Anticipated for Back-to-School Shoppers
Parents and students preparing for the upcoming school year should be aware of the potential impact of tariffs on back-to-school shopping, according to Patrick Penfield, a professor of practice in supply chain management at Syracuse University Whitman School.
Tariffs are expected to cause a significant increase in prices for back-to-school items, with a projected range of 15-25% by September 1. This means that apparel, sneakers, backpacks, pens, and pencils could all cost more this year.
In addition to higher prices, there will also be a lack of product variety this year due to tariffs. Retailers have been trying to manage these impacts by sourcing products domestically, but consumers should still anticipate fewer options than in previous years.
Professor Penfield advises parents to begin shopping for back-to-school items as soon as possible to secure lower prices and a better variety of products. By shopping early, parents may be able to avoid the potential price surge, which could reach up to 25% by September 1.
Shopping early for back-to-school items can also help parents prepare for the school year in a more stress-free manner. With the potential for increased prices and limited options, starting the shopping process early can help alleviate some of the financial burden and ensure that students have the necessary supplies for a successful school year.
In conclusion, the back-to-school shopping season may see a significant price increase of up to 25% by September 1, as well as a lack of product variety. Parents are encouraged to begin shopping for back-to-school items as soon as possible to secure lower prices and a better variety of products.
In light of the tariff-induced rising prices and limited options, it would be advantageous for parents to explore technology-based finance solutions, such as budgeting apps and gift cards, to manage their back-to-school expenses efficiently. Investing in education-and-self-development resources to familiarize themselves with smart shopping strategies and financial literacy could prove beneficial during these challenging times.
