8/15/2013
Nearly one in two parents (47%) say price is the most important factor when making back-to-school purchases, while teens say style and appearance are their top priorities, according to Capital One Financial.
Parents and teens won’t be shopping in the same aisles. Parents primarily will do their back-to-school shopping at discount retailers rather than department stores (40% vs. 29%). Conversely, teens are shopping at department stores rather than discount retailers (47% vs. 29%).
One in four parents (24%) plan to spend more than $200 per child purchasing back-to-school products, while 21% expect to spend $150 to $200, and 32% plan to spend less than $100. More than two in 10 parents (21%) spend more on back-to-school supplies each year than they are saving for college.
Two in three teens (65%) do not plan to help pay for their back-to-school shopping. That said, 62% receive an allowance, with 63% of these allowance receivers getting $10 to $50 each month. Half (50%) say they spend $5 to $20 each week.
Nine in 10 teens say they are not involved in paying household bills or budgeting, and 71% give themselves an “A” or “B” for their current knowledge of financial responsibility. More than eight in 10 (83%) plan to attend college, but 51% are not saving money to help pay for this higher education.
Clothing ranks as the top purchase for both parents and teens, and both expect to also purchase backpacks, notebooks, pens, and pencils. However, teens are more than four times more likely than their parents to say cell phones, electronic gadgets, and computers are “must have” back-to-school items (21% vs. 4%).
SOURCE: Capital One Financial, Shelley Solheim, 275 Broadhollow Rd., Melville, NY 11747; 917-589-6203; shelley.solheim@capitalone.com; www.capitalone.com.
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