Research from Quantum Metric has revealed that the only items on this year’s school list will be the ones that parents deem as absolutely critical. In fact, higher prices have prevented 34% of Brits from being able to purchase all of the school or college supplies that they had originally intended. Three in four of this group (71%) noted they will only purchase items they see as essential.
With budgets tighter than ever due to the cost of living crisis, parents are dreading back-to-school shopping as crisis hits families. New tech, such as laptops or tablets and home office will make up less than 10% of their budget for the season.
To combat this, retailers are offering deals to attract cash-strapped parents and guardians. The research from Quantum Metric also reveals that personalised promotions and offers will continue to be critical to fostering long-term loyalty. Data from the wishlist many consumers are building monthly can be used to create custom recommendations or promotions. When budgets are tight these can go a long way versus more general sales or promotions.
Elissa Quinby, Senior Director, Global Retail Insights at Quantum Metric, comments,” with many consumers feeling the strain of the cost-of-living crisis, people are prioritising spending on necessities such as back-to-school-items and cutting back on everything else.
With shoppers being more planned and considered with their spending, taking full advantage of personalised promotions and recommendations will be crucial for retailers’ success. Those that also offer an outstanding online customer experience, will be much more likely to foster long-term loyalty”.