TRENTON, NJ – The rising cost of back-to-school supplies is placing a financial burden on many New Jersey families, a trend exacerbated by ongoing inflation. According to the National Retail Federation, average household spending on back-to-school items is expected to reach $890 in 2023, a jump from $864 the previous year. This marks the highest level of spending in the last two decades.
However, these statistics don’t necessarily reflect the financial reality for all families. A Reuters survey indicates that many consumers expect to spend 10% less on school supplies this year than they did in 2022, primarily due to the impact of inflation. The planned spending per child is anticipated to fall to $597 from $661, marking the first decline in nearly a decade.
Inflation remains a key driver of these rising costs, affecting a range of items from clothing and shoes to electronics and furniture. Although the inflation rate decreased to 3% in June of 2023, its lowest since March 2021, the effects are still palpable in the realm of school shopping.
As for budgeting, amounts will vary depending on numerous factors such as the child’s needs and the school year. For the average American household, a budget of $800 to $1,000 is generally considered adequate for back-to-school supplies.
To alleviate some of this financial pressure, New Jersey is offering a Sales Tax Holiday from August 26 to September 4, 2023. During this period, certain items like computers priced under $3,000, school art supplies, and school computer supplies priced under $1,000 will be exempt from sales tax. This temporary relief aims to make back-to-school shopping more manageable for residents facing the brunt of inflation.