CHARLOTTE, N.C., Aug. 7, 2019 /PRNewswire/ -- For millions of parents, back-to-school shopping is dreaded even more than holiday shopping, and about a third of shoppers said it's both more stressful and more expensive, according to a new report from CompareCards by LendingTree.
With the new school year fast approaching, CompareCards asked Americans about back-to-school shopping and found the end-of-summer ritual drives stress, debt and parent-child arguments – and many think their costs will only increase.
- 36% think back-to-school shopping is more stressful than holiday shopping, and 32% said it's more expensive.
- 23% said back-to-school shopping has at least somewhat damaged their relationship with their child.
- More than a quarter of shoppers expect to go into debt because of back-to-school shopping, and most will not be able to pay off that debt quickly.
- Half of back-to-school shoppers plan to spend more this year than last year. On average, shoppers expect to spend $428 on back-to-school shopping this year.
- 43% are stressed about how they will pay for back-to-school shopping.
"With parents collectively spending billions of dollars on their children's back-to-school shopping needs each year, it's no wonder the end-of-summer ritual takes a toll on wallets, emotions and even relationships," said Matt Schulz, Chief Industry Analyst at CompareCards. "While it's unlikely shoppers can completely eliminate all stress from the back-to-school season, careful planning and savvy shopping goes a long way. Shoppers can set boundaries and budgets before heading to the mall, use credit card rewards and sign-up bonuses strategically, and comparison shop for the best deals. At the end of the day, back-to-school season happens just once per year, and soon enough the chaos will be over, so breathe, Mom and Dad. You've got this."
To view the full report, visit https://www.comparecards.com/blog/back-to-school-shopping-study/.
LendingTree (NASDAQ: TREE) is the nation's leading online marketplace that connects consumers with the choices they need to be confident in their financial decisions. LendingTree empowers consumers to shop for financial services the same way they would shop for airline tickets or hotel stays, comparing multiple offers from a nationwide network of over 500 partners in one simple search, and can choose the option that best fits their financial needs. Services include mortgage loans, mortgage refinances, auto loans, personal loans, business loans, student refinances, credit cards and more. Through the My LendingTree platform, consumers receive free credit scores, credit monitoring and recommendations to improve credit health. My LendingTree proactively compares consumers' credit accounts against offers on the network, and notifies consumers when there is an opportunity to save money. In short, LendingTree's purpose is to help simplify financial decisions for life's meaningful moments through choice, education and support. LendingTree, LLC is a subsidiary of LendingTree, Inc. For more information, go to www.lendingtree.com, dial 800-555-TREE, like our Facebook page and/or follow us on Twitter @LendingTree.
CompareCards' mission is to help people make smarter, more informed, healthier financial decisions based on deeper knowledge of financial offers. Each month, over 2.9 million visitors come to CompareCards' website to independently compare credit cards side-by-side and choose a credit card based on interest rate, reward benefit, cost savings, and other factors that are important to each person. CompareCards provides easy-to-use, objective tools and educational resources that help people do everything from making credit card comparisons to managing their credit health. For more information, please visit www.comparecards.com.