Despite several months of economic slowdown, Canadians are planning to spend around the same as last year to get their kids back-to-school ready, according to a study from Scotiabank.
Parents with children in pre-school through grade 12 will spend an average of $310, on school supplies this year.
Regionally, parents in Quebec plan to spend more on getting their children ready ($399) than those in the rest of Canada. Parents in Ontario anticipate spending the least ($266).
“Spending by Canadian households on school-related goods and services typically is more stable than other discretionary purchases in both good and not so good times,” said Aron Gampel, Scotiabank’s deputy chief economist.
“Although cost-conscious Canadian families will look to stretch their purchasing power, allocating hard-earned spending dollars on education takes on added importance during these challenging times.”
Throughout the year, parents also expect to spend an additional $406 on school-related incidentals like field trips or pizza lunches.
Parents in Alberta expect to spend more on incidentals than any other province, paying out $471, while parents in Manitoba and Saskatchewan anticipate spending the least with $337.
With back to school shopping under way, Scotiabank recommends parents plan now for costs that pop up throughout the year.
