More than half of Georgia consumers did not plan on buying back-to-school products even during the state government's tax-free holiday held on July 30 and 31, according to Georgia Credit Union Affiliates, a subsidiary of the Georgia Credit Union League in Duluth.
According to the online survey of more than 1,200 Georgia consumers, 57% said they don't schedule their shopping based on the tax-free holiday.
Nearly 60% of consumers who answered the non-scientific survey said they tend to buy school supplies as needed. Thirty-eight percent of consumers said they stock up on supplies year-round whenever they find good deals, Georgia Credit Union Affiliates reported in its newsletter, Consider This.
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The survey also found 43% of Georgia consumers said they wouldn't spend more than $100 on back-to-school purchases this year, while 21% said they would spend between $100 and $200. Fifteen percent of consumers in the Peach State said they planned to spend $200 to $500, and 6% expected to spend more than $500.
On a national level, U.S. parents planned to spend an average of $273 on their children's return to school this fall. That's $27 more than parents anticipated spending last year, according to a survey conducted by RetailMeNot Inc., a coupon shopping website.
Many parents will purchase new technology for their children this school year. Twenty-six percent said they plan to buy their child a tablet, while 21% expect to purchase a laptop. Textbooks and scientific calculators also are on the back-to-school shopping list for parents, according to RetailMeNot.
Parents are not the only ones shopping for back-to-school supplies.
Trish Payne, president/CEO of the $29.1 million Savannah Schools Federal Credit Union, told the Georgia Credit Union Affiliates newsletter that she's noticed teachers putting money away in vacation club savings accounts.
"That pays out on June 1, and while many of our members use the money for a vacation, we also see a lot of people who are putting the money toward school supplies," Payne said. "It's a good way to save for this time of year."
Nationally, teachers spent an average of $490 of their own money on school supplies last year. The average amount teachers received from their schools to spend on classrooms totaled $300, according to the Center on Budget and Policy and Priorities, a Washington-based nonpartisan research organization.
Payne also said Savannah Schools offers small, no-credit-check loans of up to $1,000 with a six-month term for members who may need extra cash for back-to-school products.
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Peter Strozniak
Credit Union Times reporter covering credit union operations, fraud, M&As, leagues, business continuity, and breaking news.
