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PARENTS TRY TO CUT BACK-TO-SCHOOL SPENDING, MANY HURT BY HIGH GAS PRICES
Charleston, SC, July 18, 2006.... Nearly half of parents with school age children (48%) are trying to hold back their children�s back-to-school spending by convincing them to wear what they wore last year, according to a Consumers� Mind Reader� study conducted by America�s Research Group. Of the one in five parents who definitely plan to spend less on back-to-school this season, higher gas prices have jumped to 24.7% this year from 9.5% last year as the main reason for this cut back.
"Consumers attitudes about back-to-school are further indication that American shoppers are not feeling really confident," said C. Britt Beemer, founder and CEO of American�s Research Group (ARG). "Those retailers that are first to offer the best prices will be the winners with parents," he predicts.
Wal-Mart is still the #1 store to shop for back-to-school items. One in five (20.5%) state they will go to Wal-Mart while one in four (25.1%) have not yet decided where to shop this year. The number of parents willing to buy their children�s clothing at full retail-price levels has fallen to an all-time low with only 3.2% this year down from 36.9% in 2001.
Children will have some say in the matter, however, according to Beemer. Close to half of parents (46.4%) say they will allow their children to have more influence on back-to-school spending levels, compared with 44.4% a year ago. Over 90% of parents say that their children will accompany them when they shop for back-to-school clothing.
Back-to-school spending levels will be up only modestly, in the 2% to 4% range. Beemer projects the final store sales level at around 3.2%.
The Consumer Mind Reader� survey of 1,004 adults, conducted from July 3 to July 7, 2006, has an error factor of 4.3%.
America�s Research Group is the consumer behavior marketing firm that provides clients the insight, strategy and tactics to increase market share. America�s Research Group�s expertise in consumer behavior has made it a key resource and advisor to leading brands and top retailers in the nation for 27 years.