Big-box retailers and shoe specialty stores are poised to reap the benefits of the back-to-school season this year.
According to Coresight Research’s U.S. Back-to-School 2023 report, Walmart will dominate the season and see roughly the same number of shoppers this year compared to 2022. About 60.2 percent of consumers said they plan to shop at Walmart this season. This lead is followed by Amazon (48.8 percent) and Target (39 percent). All three of these top retailers are especially popular among parents shopping with older children.
However, the number of consumers planning to shop at Amazon and Target this year is expected to be fewer when compared to 2022. On the other hand, off-price and dollar store chains such as Dollar Tree, Dollar General and TJX Companies saw increases in the number of shoppers who plan to shop there this year, compared to last year.
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When it comes to footwear, consumers expressed a strong preference towards shopping among specialty retailers such as Foot Locker, Shoe Carnival and Famous Footwear, all three of which saw double-digit shares of shopper preference.
“Overall, it appears that consumers will concentrate shopping at a narrower variety of stores than last year, since many popular chains have seen a decline in projected shopper numbers,” read the report.
After a relatively slow Q1, a robust back-to-school season could give retailers a much-needed boost to make up for lost ground. Various shoe chains have already spoken confidently about their plans for back-to-school, with some rolling out new campaigns to capture demand.
Just this week, Foot Locker launched its back-to-school campaign, which ties in a community-focus with in-store events focused on giving back. And the Caleres-owned Famous Footwear expects to surpass its best ever back-to-school performance from 2022 this year with a new marketing campaign that will target the millennial family.
In-store engagement will be essential this year, as consumers overwhelmingly plan to shop in stores, the survey found. Almost four in five shoppers plan to shop in stores this season, up 4.1 percentage points from the prior year and more than 8 percentage points more than those who plan to purchase online. 48.4 percent plan to shop in two or more channels.
Overall, families plan to spend more on back-to-school this year, as prices remain high due to inflation. According to KPMG’s 2023 Consumer Back to School survey of more than 600 U.S. households with students, shoppers plan to spend on average about $377 per kid, which is up 21 percent from a year ago. More than 60 percent of respondents reported being concerned about inflation, with 70 percent of them looking for early discounts and 57 percent looking for cheaper brands.
