Turbulent financial markets and an uncertain economic recovery have parents more cautious in their back-to-school spending this year, according to a survey commissioned by Bank of Nova Scotia.
Results of the study, carried out by Decima/Harris, showed parents of children at education levels ranging from preschool to Grade 12 plan to spend an average of $293 on back-to-school items. That's down from $310 when same survey was done a year ago.
"Canadian consumers are likely to remain cautious shoppers for now," Scotiabank senior economist Adrienne Warren said in a statement. "Despite the solid pace of job creation and economic growth over the past year, unsettled financial markets and signs of moderating global growth will keep household spending on a modest track."
There were some notable differences in what parents in different parts of the country were planning to spend, though most regions were consistent in the trend of spending less than last year. At the high end, parents in Quebec planned to spend $381 on back-to-school, significantly more than $215 in Manitoba and Saskatchewan, and $225 in British Columbia.
Beyond the back-to-school needs, parents across the country said they plan to spend an average of $353 on school incidentals during the year such as pizza lunches, field trips and sports. That was down from $406 last year.
Parents in Alberta were poised to spend the most on incidentals at $462. Manitoba and Saskatchewan had the lowest expectations at $231 followed by B.C. at $294.
The results were based on online surveys of 1,000 people between Aug. 9 and 16, who are the primary purchasers of school items for children in their household 17 or younger. No margin of error as provided.
