According to the National Retail Federation, families on average plan to spend $864 on school necessities.
CHARLOTTE, NC — School supply drives are in full swing as students prepare to return to class next month.
This year, families expect to pay more due to rising prices and inflation. According to National Retail Federation (NRF), 84% of families expect to see higher prices during back-to-school and back-to-university shopping this year.
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“We have very, very, very strong financial positions for consumers, especially middle to upper income earners,” said Mark Mathews, vice president of research development and industry analysis. of the NRF. “So there’s a lot of concern about what’s happening, but there’s also an ability to spend beyond the levels of inflation that we’re seeing.”
But for those making less money, this back-to-school shopping season could be tough.
According to the NRF, families on average plan to spend $864 on school necessities.
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For those earning $50,000 or less, 32% said they had to borrow money or go into debt to cover their expenses right now, according to NRF data.
“For low-income consumers, it’s, you know, much more of an issue,” Mathews said. “You know, they’re struggling. These are necessities. They have to buy them, but they have to look to other funding sources to afford it.
NRF data shows consumers are turning to cheaper alternatives or looking for more coupons and sales to secure a deal as prices remain high.
“I would suspect we’re seeing people search a little more this year as they’re looking for the best prices and things like that,” said Katherine Cullen, NRF’s senior director of industry and consumer insights.
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Local organizations in the Charlotte area are asking people to think of a child in need as this school year approaches and to pick up extra supplies to donate.
Here are some places and events where school supplies can be dropped off:
- class center 2116 Wilkinson Boulevard, Charlotte, North Carolina 28208
9 a.m. to 12 p.m. Monday to Thursday
- Gaston County Library Main Branch 1555 East Garrison Boulevard, Gastonia, NC 28054. Accepting donations through August 18. (No backpack requested)
- Second Annual Queen City School Supply Drive; Heist Brewery & Barrel Arts. 1030 Woodward Ave, Charlotte, NC 28206 1-4 p.m., August 21
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