There’s a change happening, and back-to-school spending has declined 20% since 2014. Nearly 40 percent of shoppers polled say they will reuse last year’s items instead of buying new, up from 26 percent five years ago. As a business owner catering a product or service to professionals, parents, students or all of the above… Has your business been affected? How do you plan to overcome this new challenge?
Consumers are increasingly stocking up on school essentials throughout the year, reducing the back-to-school shopping’s importance to retailers.
Source: Decline of Back-to-School Spending Reflects New Consumer Habits – NBC News
Some suggestions I may recommend echo the study’s observed shopping behavior.
Extend the back-to-school season
Market and promote your back-to-school or perhaps, back-to-work (many are done with their summer vacations and are now back to the cubicle life), through the holiday season.
Increase your reach
Consider offering items/products/services that can be purchased year round vs. relying on the traditional back-to-school shopping season. Whenever possible, offer digital products that compliment your services such as eBooks, startup guides, consultations, etc.
Start Early
31 percent of respondents stated they would finish back-to-school shopping after the school year begins, up 5 percent from 2014. Consider starting earlier and offering your product/services at the end of the school year. Traditionally, the school year ends May/June here in the United States.
Have you noticed a change in your industry’s consumer behavior? If so, what is it? How have you addressed the change, and do you have tips to offer? Tweet me or comment below!
– Angel