The majority of parents struggle financially when it comes to back-to-school shopping, according to a new report. Boston Consulting Group (BCG) says 56 per cent of Canadian parents can’t fit school supplies within their normal household budgets, with rising prices as the main reason. Nearly 60 per cent of parents also expect to spend more than they did when compared to last year, with the average family budgeting close to $700. BCG says lower-income households expect to spend about $525 this season, while top earners are planning for $925. “Lower-income families are planning to spend materially less and are still struggling to absorb the bill. For many parents, protecting the school list means spending less elsewhere with dining out, entertainment, and non-school clothing reported as the first categories to be cut,” the report reads. Despite more parents using AI tools to shop, BCG says a more digital world does not mean a digital basket. Clothing, shoes, stationery, bags and gear are considered must-buy items, while tech hardware and accessories are much lower on the list. BCG says it surveyed more than 1,200 Canadian parents for the report. More to come…
