Consumers being hit with shrinkflation; how to save with rising back-to-school supply costs
BATON ROUGE, La. (WAFB) - Families are expected to spend record amounts for both back-to-school and back-to-college shopping this year, according to the National Retail Federation.
Experts said inflation has a lot to do with this, and many of you parents may be feeling the pain in your wallets as you get your kids ready for school.
A recent study by the U.S. Bureau of Labor Statistics shows that inflation rose nearly 5% for major categories of goods during the last year.
The back-to-school supplies with the highest inflation from 2022 to 2023 are graph paper, mechanical pencils, highlighters, and folders.
Parents wanting to save on their back-to-school shopping can look forward to inflation reversal on backpacks, book covers, and pencil pouches.
“The inflation costs in general have been such a challenge over the past few years,” said Nathan Grant, a Senior Finance Industry Analyst with Moneytips.com.
“So no matter what category of shopping we’re looking at, costs are going up. But with this year, in particular, we’re seeing certain categories staying the same and are maybe dropping a little more than some others going up. So it really depends on what it is that you need to get this year. And you’re going to have to, you know, have a little strategy in your shopping to save money where you can.”
He said one of the challenges with inflation, in general, is shrinkflation. It is when the packages get smaller or stay the same size but they’re putting less stuff inside.
Grant said you can save by:
- Looking for deals
- Shopping online
- Buying alternative brands
- Buying in bulk
- Find generic items (dollar store)
- Canceling subscriptions
Click here to report a typo.
Copyright 2023 WAFB. All rights reserved.