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By Megan Cerullo August 7, 2023 / 4:08 PM / MoneyWatch Inflation is hitting parents' pocketbooks hard, with back-to-school shopping forecast to cost American families the most ever amid higher prices

By Megan Cerullo

August 7, 2023 / 4:08 PM / MoneyWatch

Inflation is hitting parents' pocketbooks hard, with back-to-school shopping forecast to cost American families the most ever amid higher prices for everything from calculators to crayons.

Spending on school supplies is expected to hit a record $41.5 billion this year, according to a recent survey from the National Retail Federation (NRF) and Prosper Insights & Analytics. That would mark an increase of 12%, or $4.6 billion, from the $36.9 billion consumers spent last year.

It would also smash the previous high of $37.1 billion, set in 2021.

Families are spending more on school supplies after a year of high inflation, but also due to evolving school-related needs. For instance, more big-ticket items, like electronics related to learning, are on shoppers' lists this year.

A larger share — nearly 70% compared to last year's 65% — of back-to-school shoppers expect to buy computers and related accessories this year, according to the NRF survey.

Prices for many classroom essentials have outpaced the 4% increase in other major goods, according to an analysis by Pattern. This is how much prices of back-to-school staples have increased compared to last year:

First published on August 7, 2023 / 4:14 PM

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