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Inflation Hitting Parents; Affecting back to School Shopping, Ep. 273
1. Rising back-to-school costs: Back-to-school spending has increasedsignificantly, from around $26 billion in 2019 to about $38 billion today, with the average cost per parent being around $850. This increase is attributed to inflation, which has been around 8% annually over the past five years.2. Social pressure on students:Due to the influence of social media, students feel more pressure to have the latest and most fashionable items, such as backpacks and clothes. This pressure has intensi...
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