Kim Sovell, marketing professor at the University of St. Thomas Opus College of Business, recently spoke with KSTP about back-to-school spending, which is expected to reach record highs this year, according to the National Retail Federation.
From the story:
“The cost of school supplies is definitely up,” said Kim Sovell, a retail and consumer behavior expert at the University of St. Thomas. “Parents know that their wallets have been taxed this year and they really are seeing reduced extra money to spend, so I do think they’re keeping their eye out for bargains.”
Sovell said the increased cost of school supplies may also lead families to cut back in other areas.
“People are pulling back on clothing shopping. Typically back-to-school clothing is one of the biggest school-related spending categories and that’s projected to drop 14% this year,” Sovell said.
For families who are looking to save on school supplies, Sovell recommends trying discount stores or off-brand products.
She said placing bulk orders with other families can also lead to deeper discounts for each individual family.
“And then the other thing you can do is ask for price adjustments. When you’re in a store, keep an eye out for what prices are in other stores and ask them to match that price,” Sovell said.
