It’s the start of August. For many retailers, that means one thing: It’s time to start advertising those back-to-school sales. And you might be surprised at just how lucrative these sales can be.
JLL recently released a snapshot on the impact that back-to-school sales can have on a retailer’s bottom line. According to JLL’s research, about 16 percent of parents plan to spend more than $500 on their children’s back-to-school supplies.
That 16 percent cohort of high-spenders can provide a nice boost to a retailer.
Of course, most parents do plan to spend less. JLL reported that 22 percent of parents plan to spend from $250 to $500 on back-to-school supplies while the majority, about 62 percent, will spend less than $250 on these supplies.
Walmart and Target stand to be the biggest beneficiary of back-to-school shopping. JLL reported that 71 percent of parents planned to shop at these retailers for their children’s supplies. JLL said that 40.4 percent of parents plan to visit online stores to fill out their shopping lists while 31.2 percent plan to shop at office supply stores.
JLL fouind that 29.3 percent plan to visit department stores and 25 percent clothing stores.
Overall, 50.3 percent of parents said they plan to do their back-to-school shopping at Walmart, while 47.4 percent said Target would be their destination. Coming in third was Amazon, cited by 15.8 percent of parents. Staples came in fourth, with 9.9 percent saying they would shop there for supplies.
And don’t expect parents to hop around town to fill out their kids’ back-to-school lists. JLL said that 53.7 percent of parents will visit just one to two stores for their shopping.