Back-to-School Shopping: Costs, Inflation, and Smart Tips

With August just two weeks away, students and parents are putting together their back-to-school shopping lists. Bob Phibbs, CEO of the Retail Doctor in New York, joins Rachel Pierson on the WBBM Noon Business Hour discuss the financial impact of back-to-school shopping and how inflation and modern tech needs are driving up costs. Bob shares insights into the National Retail Federation's statistics, highlighting an average spend of $875, which for some families rivals their holiday budgets. We explore how teachers are also feeling the pinch, often having to budget for classroom supplies themselves. Bob provides valuable advice for parents looking to find deals and manage expenses, especially during major sales events like Amazon's Prime Day and similar promotions from other retailers like Macy's and Target. Finally, Bob suggests a collaborative approach to managing these costs by involving extended family members who might be eager to contribute to the students' academic success. Tune in for practical tips and strategies to make back-to-school shopping more manageable.