Back to School is an important moment in every household, a pivot moment if I may, and and a perfect excuse for us to see the difference in Women's and Men's Behavior .
Several Studies converge in the fact that 2018 will be a good year in Back to School spending, maybe a record one. Deloitte expects more than US$ 27.2 Billion in spending for 29 million of households in the USA, with a US$ 687,02 for K-12 Children and US$ 942,17 for College and Graduate Students.
Canadian survey shows that in the last 2 years the Back to School budget has more than doubled, leaving a strain on families. Backpark Index shows that a US$ 1355 is expected to be spent on children, for this matter.
However interesting differences in consuming behaviors between have showed that:
60% of men or more, dislike coupons believing these make them look cheap
50% of men have some sort of brand loyalty, and are more likely to ask for recommendations because taking a purchase decision. Almost every man will read ratings and reviews.
On the other hand women will focus their purchase on obtaining a greater value for money, and will be looking for sales, discounts and coupons. But women are also more responsive to emotions and campaigns targeting family oriented lifestyle images.
Consumer Pulse Survey led by Rubicon Project shows that moms are leading the consumer decisions. However, on the particular "Back to School" budget, 73% of moms will do the purchase accompanied by their children, so Children are more likely to influence over US$21 Billion in B2S (aka Back to School) spending.
With men earning 20% more than women on average,women are by definition more budget conscious. What is more, the Retail me not Study shop online states that 66% of parents that are men will feel they have prioritized giving what their children needed and wanted,and only 58% of women.
This budget limitation, might be also source of stress of women, by not being able/ not wanting to give their children branded and more costly items, and on the contrary look for discounts.
So at the end, it makes us wonder, what is better for children? Are spoiling children into back to school a positive trend?
A Forbes article, on July 28th, invited parents to take this opportunity to teach their children about money and show them that budget are limited. As a nice game you could give a yearly budget for your children to use for their own expanses, showing them throughout the year how they are doing, and giving them feedback on how much was spent and how much is left.
This kind of purposeful game, might be a nice way to learn to children how to be budget responsible... Maybe from now one, B2S will not be a nicer experience for moms and dad alike!
Thanks to Offers.com, we know what did parents do once they drop their children to school? Do you agree?
For everyone, welcome back to normality!