It’s back to school time – or at least, its “thinking about back to school” time – and a lot of parents will be looking to buy stuff for their kids over the next few weeks.
According to the National Retail Federation, average household spending on school supplies will likely be around $864; where college age students are concerned, that rises to $1,199.
It’s a huge market, altogether worth well over $100 billion! And even though inflation is beginning to bite, and parents are economizing, they won’t be economizing on the essentials. Sales are likely to be flat or just slightly down, and it’s probably the luxuries that are going to get skipped.
Although smart parents already started shopping in July, 88 percent of families were still waiting for their school lists. So you can still hit this market as there are always a few families who for whatever reason haven’t got their stuff together, and there are always a few things get missed off even the most detailed list.
Schools are generally starting from 20th August to the end of August, but colleges tend to start a couple of weeks later. So you still have time.
However, parents are looking for deals. About half of all consumers now say they don’t pay full price for anything unless they have to, and every website from USA Today to CNBC has advice on how to save money on school kit. So you need to show right up front how much money parents can save with your products.
One good way to do this is to put together a ready-made back to school kit with everything in – make sure you state which age or grade it’s appropriate for. That can include art paper, composition books, marker pens, plain and colored pencils, glue, ruler, eraser and pencil sharpener.
Multi packs are another great way to provide a discount and attract customers. Stationery sells particularly well and packs easily. Or if you already offer a multipack, jazz it up. Add an extra notebook for free to the 10-pack if it’s ordered before school reopens, or offer a special discount just for the next two weeks.
Remember some households will need to buy for more than one child. Large orders can make sense as long as the goods are not too age-specific. For instance, ordering all the pens and paper for three children to get a great deal is sensible. And of course, larger households are likely to be the ones feeling the pinch even more than others.
Consumables are one area that parents can’t delete from the list. So pens, crayons, paints, paper, and pencils are all likely to do well.
Discretionary spending, on the other hand, is the area that many parents might consider can be cut. New pencil cases, lunch boxes and backpacks might not be on the agenda if last year’s are still usable. You may need to discount heavily. If your sales so far have been disappointing, consider using coupons to offer a deep discount and use all the media you can to publicize those coupons.
If you’re using Vipon www.myvipon.com on be sure to flag up your best offers for back to school. We have a lot of bargain-seeking moms on board! But be quick, time is running out!
