The 2023 Back-to-School shopping season hits differently this year as BTS spending is expected to tumble by 10% less than last year. But most retailers, parents, and students will have the same drive to stock up on school supplies for the upcoming academic year. In the past, most of this shopping was typically done in August, just before schools reopened. However, there has been a notable shift in shopping behaviors in recent years. A trend that started a few years ago has become a norm, with 59% initiating their Back-To-School shopping early, 6 ticks higher than last year.
The present scenario reveals that consumers are not just starting early but are also spreading out their purchases. Data from 2022 indicates that a substantial 53% of planned spending occurred by the end of July, up from 45% in 2020. Additionally, two out of three Americans said their financial status has stayed the same or has experienced some beatings. This change in consumer behavior, coupled with the current economic climate, has led to a shift in advertising strategies as businesses strive to capture the attention of these early shoppers looking for the best deals while catering to those who shop later in the season.
As marketers welcome the 2023 Back-To-School season, advertisers must be mindful of these shifting trends. With the increased Cost-Per-Click (CPC) between July and the start of August across all platforms, optimizing ad spend during this period is crucial. Based on our data, platforms like TikTok and Instagram, which offer moderate ad costs but with higher Click-Through-Rate (CTR), could provide a cost-effective solution during this peak advertising period. It’s also essential to maintain ad presence in August and September to capture the remaining shoppers during these months, despite increased ad costs.
In conclusion, adapting to these changing trends is the key to a successful 2023 Back-To-School advertising campaign. An early start, careful monitoring, cross-platform optimization, and resonating with budget-conscious shoppers will be critical. As we move forward, businesses aligning their advertising strategies with these trends will likely see the most success during the Back-To-School shopping season.
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