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2018 back-to-school survey

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Our 11th annual survey takes a closer look at the second-biggest shopping season of the year. https://deloi.tt/2KMT6hR

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2018 back-to-school survey

  1. 1. 2018 back-to-school survey Sizing up the season
  2. 2. 2018 back-to-school surveyCopyright © 2018 Deloitte Development LLC. All rights reserved. 2 Key findings Deloitte’s 2018 back-to-school survey • Mass merchants remain the top location for intended visits and budgeted B2S spend • Price-based retailers keep their high ranking positions among top shopping destinations after pushing down traditional department and specialty clothing stores in 2017 • Despite less planned traffic to traditional retailers (e.g., department, home electronic, and office-supply stores) parents expect to spend more at these retailers than they spend at price-based retailers • Across categories, higher-income shoppers are more likely than lower-income shoppers to visit specialty stores (e.g., department stores, home electronics, specialty apparel). Lower-income shoppers are more likely than higher-income shoppers to visit price-based formats (e.g., mass market, dollar stores) • Department stores are less popular with GenXers and Millennials, whereas off-price retailers are more popular among the younger generations Customers have strong preferences about retail format; ranks have shifted in recent times • Total back-to-school spending is expected to reach ~$27.6B, or $510 per household, slightly up from $501 in 2017 • $5.5B is up for grabs. Shoppers remain undecided on where to spend 20% of their budget: online or in-store • Households plan to spend an average of $292 in stores – representing $16B in total spending. This is more than double that of the $115, or $6B in total spending, they say they’ll spend online for back-to-school • B2S is experiencing plateauing digital influence, there is flattening usage of laptops, mobile, and social • Children will likely influence over $21B in B2S spending during the back-to-school season In-store still prevails, but shoppers are continuing to increase their online spend • About two-thirds (62 percent) of parents plan to begin the B2S shopping before August; this group of early shoppers spends on average about $100 more than shoppers that get a later start • Approximately $18B will likely be spent in B2S shopping in the 4 week period between mid-July and mid-August • More than two-thirds (68 percent) of shoppers plan to complete their shopping within a 1 month period of time; however, the longer someone extends their B2S shopping, the more they will likely spend Back to School Shopping is a lengthy season, but timing matters
  3. 3. Survey findings
  4. 4. 2018 back-to-school surveyCopyright © 2018 Deloitte Development LLC. All rights reserved. 4 Back-to-school (B2S) shopping season accounts for about 50% of annual school-related spend and touches one-quarter of U.S. households * Number of households with school going (K-12 grades) children in the US [Source: US Current Population Survey 2017] ** Number of children enrolled in K-12 grades in the US [Source: US Current Population Survey 2017] # Percentage of child’s annual school related products that will likely be purchased during back-to-school shopping season [Source: Deloitte survey] ^ Deloitte calculations on back-to-school market spend ($27.6 billion) [Source: Deloitte survey and US Current Population Survey 2017] B2S is the second biggest shopping season and involves… 54 Million children** $27.6 Billion in spend^ 50% of school related spend#29 Million households* Average B2S spend per household: $510
  5. 5. 2018 back-to-school surveyCopyright © 2018 Deloitte Development LLC. All rights reserved. 5 Back-to-school shopping spend expected to be dominated by clothing category B2S 2018 ― Estimated market spend by category Source: Deloitte calculations on back-to-school market spend ($27.6 billion) [Source: Deloitte survey and US Current Population Survey 2017] Note: Sample size (N) = 1,200 *Electronic gadgets include cell phones/smart phones, tablet/e-reader, and wearable devices School supplies $6.0B Clothing & accessories $15.1B $27.6B est. market size Computers & hardware $3.7B Electronic gadgets* $2.8B
  6. 6. 2018 back-to-school surveyCopyright © 2018 Deloitte Development LLC. All rights reserved. 6 Average B2S spend is up slightly at $510 in 2018 compared to $501 in 2017 National Avg. B2S spend: $510 Northeast West South Midwest 24% $513 % of total B2S spend Avg. spend 21% $493 34% $488 21% $568 Northeast region has the highest B2S season average spend in 2018 Source: Deloitte survey Note: Average spend based on shoppers from each region – South (n = 424), Northeast (n = 230), Midwest (n = 264), and West (n = 282).
  7. 7. 2018 back-to-school surveyCopyright © 2018 Deloitte Development LLC. All rights reserved. 7 High-income households are most optimistic about household finances and the economy. They are open to retailers that offer premier products and experiences. Economic optimism and demand for experiential retailing increase with household income Low-income (Less than $50k) Middle-income ($50k-$99k) High-income ($100k+) Economic optimism More confident about the U.S. economy’s prospects now (June 2018), than you were at the end of 2017 Household financial stability Household's financial situation today is better than it was a year ago Digital substitution Buying fewer traditional school supplies because my child is using more digital technologies Premier retailing experience More likely to purchase from retailers that offer premier products and experiences Price sensitive retailers More likely to purchase from a retailer that sells at the lowest possible prices 24% 40% 44% 27% 27% 39% 28% 38% 41% 81% 76% 70% Source: Deloitte survey Note: Sample size (N) = 1,200 28% 38% 44% “Please indicate your level of agreement with the following statements (% who agree or somewhat agree)”
  8. 8. Consumer spending trends
  9. 9. 2018 back-to-school surveyCopyright © 2018 Deloitte Development LLC. All rights reserved. 9 Both demand and avg. spend is high for Clothing & accessories; highest avg. planned spend is in the Computers & HW category Source: Deloitte survey Note: Sample size (N) = 1,200; *Electronic gadgets include cell phones/smart phones, tablet/e-reader, and wearable devices Spending on ‘voice and mobile data plans’, ‘digital subscription’, and ‘other’ are excluded; average spend includes only respondents who will purchase the above mentioned category or item 2018 B2S: Planned spend by category 98% plan to buy Clothing & accessories Average spend $286 Share of B2S spend 55% 98% plan to buy School supplies Average spend $112 Share of B2S spend 22% 23% plan to buy Computers & hardware Average spend $299 Share of B2S spend 13% 16% plan to buy Electronic gadgets* Average spend $271 Share of B2S spend 8%
  10. 10. 2018 back-to-school surveyCopyright © 2018 Deloitte Development LLC. All rights reserved. 10 Children will likely influence over $21B in B2S spending Source: Deloitte survey Note: Sample size (includes only respondents who will purchase the above mentioned category or item) 20% 30% 32% 42% 80% 70% 68% 58% Clothing & accessories Electronic gadgets School supplies Computers & hardware Children - No/Slight influence Children - Moderate/High influence Extent of child’s influence on parents’ back-to-school shopping $12.7B$2.4B *Total planned B2S spend by category that would be influenced by children $2.2B$0.6B $4.2B$1.7B $2.5B$1.2B Child’s influence*
  11. 11. 2018 back-to-school surveyCopyright © 2018 Deloitte Development LLC. All rights reserved. 11 $5.5B is up for grabs. Shoppers likely to remain undecided on where they will spend 20% of their budget: online or in-store In-store is likely to be the most preferred channel during B2S shopping season… Source: Deloitte survey Note: Sample size (N) = 1,200 B2S spending by channel Average B2S spend in 2018: $510 Average spend: $292 Share of total spend: 57% In-store Online Average spend: $115 Share of total spend: 23% *Undecided (In-store or Online) Undecided* ? Average spend: $104 Share of total spend: 20% $15.7 Billion $6.3 Billion $5.5 Billion Market size
  12. 12. 2018 back-to-school surveyCopyright © 2018 Deloitte Development LLC. All rights reserved. 12 Online likely to pick up from undecided in Computers & HW, where in-store likely to pick up from undecided in Electronic gadgets …But, online likely to gain share across most categories Source: Deloitte survey Note: Sample size (N) = 1,200 33% 31% 17% 14% 37% 40% 63% 66% 30% 29% 20% 20% 40% 28% 19% 17% 40% 53% 61% 61% 20% 19% 20% 22% Clothing & accessories Computers & hardware Electronic gadgets School supplies In-StoreOnline Undecided 2017 2018Category
  13. 13. 2018 back-to-school surveyCopyright © 2018 Deloitte Development LLC. All rights reserved. 13 2016 2017 2018 1 1 1 4 2 2 5 3 3 14 5 4 3 4 5 2 6 6 9 8 7 7 7 8 - 10 9 11 9 10 10 11 11 15 13 12 8 12 13 12 14 14 6 15 15 - 16 16 16 17 17 12 18 18 “Which type of retailer(s) do you plan to visit for your B2S shopping?” Mass merchants retain their place as the most popular type of B2S retailer; however price-based and online retailers are gaining Question: “Which type of retailer(s) do you plan to visit for your B2S shopping?” Source: Deloitte survey Note: Sample size (N) = 1,200; multi-select question 3% 4% 7% 8% 9% 9% 11% 15% 15% 17% 20% 26% 27% 31% 32% 36% 38% 83% Bookstores (On-campus) Catalogs Retailer mobile apps Specialty clothing stores Bookstores (Off-campus) Supermarkets Home electronics stores Consignment shops/thrift stores Drug stores Retailer websites Warehouse membership clubs Fast fashion apparel retailers Traditional department stores Office supply/technology stores Off-price stores Online only retailers Dollar stores Mass merchants Rank Retail format preferences Upward movement in preference rankings Downward movement in preference rankings
  14. 14. 2018 back-to-school surveyCopyright © 2018 Deloitte Development LLC. All rights reserved. 14 7% 7% 6% 5% 4% 2% 2% 2% 2% 2% $0 $200 $400 $600 $800 $1,000 $1,200 $1,400 Mass merchant Traditional department Fast fashion apparel retailers Online-only sites Off-price stores Office supply Dollar stores Retailer websites Specialty clothing Warehouse clubs Home electronics 0% 2% 4% 6% 8% 10% 12% 14% 16% 18% AverageB2Sspend($) Shopperpreference(%) Shopper Preference (Retail format for most spend during B2S season) % Average Back-to-School Spend $ Retail formats for most spend and Average B2S Spend Some of the most preferred formats are likely to have lower overall spend Source: Deloitte survey Note: Sample size (N) = 1,200;single-select 55% 60% 56% 54% 52% Some of the less preferred formats are likely to have high overall spend
  15. 15. Timing
  16. 16. 2018 back-to-school surveyCopyright © 2018 Deloitte Development LLC. All rights reserved. 16 Shopping activity peaks by early August during B2S season B2S Shopping periods by traffic and total spend Approximately 90% of B2S shoppers are expected to be active during late July to early August, a time which accounts for two-thirds of all B2S spend Question : “Out of $__ you plan to spend on back-to-school shopping, how much do you plan to spend during the following periods?” Note: Sample size (N) = 1,200 10% 26% 54% 67% 34% 8% Earlier than July Early in July (first 2 weeks) Later in July (last 2 weeks) Early in August (first 2 weeks) Later in August (last 2 weeks) September $1.3B $3.6B $8.1B $9.9B $3.9B $0.8B $ B Total B2S Spend (out of $27.6B) during noted period % of active B2S shoppers during noted period
  17. 17. 2018 back-to-school surveyCopyright © 2018 Deloitte Development LLC. All rights reserved. 17 Majority of shoppers start earlier than August Parents who begin their B2S shopping before August are likely to spend 20 percent more than late starters Source: Deloitte survey Note: Sample size (N) = 1,200; “When are you likely to begin your B2S shopping?” July SeptemberAugustEarlier than July 10% EarlyinJuly 19% LaterinJuly 33% EarlyinAugust 31% LaterinAugust 6% 1% 62% plan to begin shopping before August (Average spend = $544) $532 $553 $543 $473 $384 $284 Average B2S Spend 38% plan to begin shopping in Aug or later (Average spend = $455) B2S shoppers by starting period (%) 68% of shoppers plan to complete their shopping within a one-month period of time from when they start
  18. 18. 2018 back-to-school surveyCopyright © 2018 Deloitte Development LLC. All rights reserved. 18 Early shoppers are more deal-seeking and mobile-savvy compared to late shoppers Early shoppers Avg. spend: $544 Late shoppers Avg. spend: $455 B2S Category I expect to find the best back-to-school deals early in the season I plan to shop at different points throughout the summer to take advantage of deals My choice of retailer is dependent on availability of my preferred brands Use/plan to use Smartphone for back-to-school shopping Belong to low-income household (Less than $50,000) 40% 66% 56% 55% 45% 27% 50% 49% 50% 37% Early shoppers – Those who start shopping before August Late shoppers – Those who start shopping in August or later Source: Deloitte survey Note: Sample size - Early shoppers n=741, Late shoppers n=459
  19. 19. Shopping behavior
  20. 20. 2018 back-to-school surveyCopyright © 2018 Deloitte Development LLC. All rights reserved. 20 Device % of total shoppers Usage However, more shoppers plan to use mobile than desktop/laptop during B2S shopping B2S shoppers are more likely to make online purchases via desktop/laptop 41% 44% 53% 56% 63% Compare similar products online Collect discounts, coupons, sale information Make a purchase Get price information Access a retailer's website 44% 46% 53% 56% 57% Access a mobile shopping app Make a purchase Get price information Access a retailer's website Collect discounts, coupons, sale information Source: Deloitte survey Note: Sample size for devices (includes only respondents who selected each of the devices); multi select question 53% MobileDesktop/ laptop 49% n = 588 n = 639 Vs 57% (2017) (2018) (2018) Vs 49% (2017)
  21. 21. 2018 back-to-school surveyCopyright © 2018 Deloitte Development LLC. All rights reserved. 21 “Please indicate your level of agreement with the following statements (% who agree or somewhat agree)” Customers expect online and physical shopping experiences to be complementary 56% 52% 46% 40% 34% 28% Research online before purchasing products in the physical store Purchase from online retailers who offer free shipping Prefer to purchase from retailers offering buy online and return in-store option When shopping online, I prefer loyalty programs that provide faster or cheaper shipping than product discounts Prefer to purchase from retailers offering buy online and pick-up in-store option I will shop in stores less this season because buy online and pick-up in-store option is more convenient Source: Deloitte survey Note: Sample size (N) = 1,200 63% 56% 49% 44% 38% 31% 2017 responses
  22. 22. 2018 back-to-school surveyCopyright © 2018 Deloitte Development LLC. All rights reserved. 22 14% 15% 16% 27% 39% 44% 59% 63% To post to or view virtual image boards To watch a retail/product video To post comments, reviews or feedback To visit retailers' pages on social networking sites To read reviews/recommendations To browse products To receive a coupon To find out about promotions “Do you plan to use social media sites to assist in your B2S shopping?*” Most who plan to use social media will do so to find promotions, receive coupons, and browse products Less than 1/4th of shoppers likely to use social media during B2S shopping season “With regard to your B2S shopping, how do you plan to use social media sites? #” Source: Deloitte survey Notes: *Sample size (shoppers who use at least one digital device, n = 985 #Multi-select question (n = 225) 23%
  23. 23. 2018 back-to-school surveyCopyright © 2018 Deloitte Development LLC. All rights reserved. 23 Technology adoption among B2S shoppers has shown smaller movement during the last three years; customers may be waiting for the next innovation in usage and/or technology. B2S shoppers may be reaching a digital saturation point 51% 49% 53% 59% 57% 49% 32% 27% 23% 2016 2017 2018 Smartphone for shopping Desktop/Laptop for shopping Social media sites to assist in shopping* B2S shoppers planning to use each technology platform (2016-2018) Source: Deloitte survey Note: Sample size for each year – 2016 (n = 1,194), 2017 (n = 1,200), 2018 (n = 1,200) *Sample size (shoppers who use at least one digital device) in each year – 2016 (n = 951), 2017 (n = 978), 2018 (n = 985)
  24. 24. 2018 back-to-school surveyCopyright © 2018 Deloitte Development LLC. All rights reserved. 24 4% 4% 37% 44% 57% Digital payment Gift Card Cash/Check Credit Card Debit Card “Which of the following payment methods will you likely use for your B2S purchases?” Digital payment penetration remains low Payments using credit and debit card are more preferred, though preference between the two depends on income levels 61% 51% 60% 40% 52% 40% 26% 30% 43% 4% 3% 5% 3% 3% 4% Baby Boomers GenXers Millennials68% 58% 40% 25% 48% 68% 53% 29% 20% 5% 3% 4% 2% 4% 5% Less than $50,000 $50,000-$99,000 $100,000 and over Debit Card Credit Card Cash/Check Gift Card Digital payment Source: Deloitte survey Note: Sample size (N) = 1,200; Multi-select question Generation Household income Overall
  25. 25. Category & retail formats
  26. 26. 2018 back-to-school surveyCopyright © 2018 Deloitte Development LLC. All rights reserved. 26 Along with mass merchants, conventional retail formats – traditional department stores and home electronic stores – are among the most preferred destinations for the B2S season. Customers intend to shop the most at conventional retail formats – mass merchant, department, and electronics stores Rank Clothing & Accessories Electronic gadgets/ Computer & hardware School Supplies 1 Mass merchants Mass merchants Mass merchants 2 Traditional department stores Home electronic stores Office supply/ technology stores 3 Fast fashion apparel retailers Online only sites Dollar stores 4 Off-price stores Office supply/ technology stores Online only sites 5 Online only sites Warehouse membership clubs Warehouse membership clubs Top five preferred retail formats – By category Question: “Which type of retailer will you shop the most for ______ during this back-to-school season?” Source: Deloitte survey Note: Sample size (includes only respondents who will purchase the above mentioned category); single-select question
  27. 27. 2018 back-to-school surveyCopyright © 2018 Deloitte Development LLC. All rights reserved. 27 38% 26% 13% 9% 2% 4% 35% 20% 16% 15% 5% 3% 48% 11% 13% 15% 4% 3% 43% 16% 14% 14% 4% 3% Boomers GenXers Millennials Overall Mass merchants Traditional department stores Fast fashion Off-price stores Online only* Speciality clothing stores* While traditional department stores are likely to find favor with older generations, off-price stores are preferred by Millennials after mass merchants. Mass merchants are likely to be the most preferred retail formats across generations for Clothing & accessories Preferred retail formats for Clothing & accessories – By generation * Sample size at generation-level has fewer than 30 respondents Question: “Which type of retailer will you shop the most for clothing and accessories during this back-to-school season?” Note: Sample size – Boomers (n = 138), GenXers (n = 393), Millennials (n=615), Overall (n=1,174)
  28. 28. 2018 back-to-school surveyCopyright © 2018 Deloitte Development LLC. All rights reserved. 28 31% 22% 18% 13% 5% 6% 39% 20% 16% 13% 5% 3% 53% 9% 10% 16% 3% 2% 43% 16% 14% 14% 4% 3% High-income ($100k+) Middle-income ($50k-$99k) Low-income (Less than $50k) Overall Mass merchants Traditional department stores Fast fashion Off-price stores Online only* Speciality clothing stores* However, traditional department stores are likely to find more favor with high-income households than lower-income More than half of low-income households plan to shop at ‘mass merchants’, compared to one-third of high-income households Preferred retail formats for Clothing & accessories – By income * Sample size at household income-level has fewer than 30 respondents Question: “Which type of retailer will you shop the most for clothing and accessories during this back-to-school season?” Note: Sample size – High-income (n = 339), Middle-income (n = 341), Low-income (n=494), Overall (n=1,174)
  29. 29. 2018 back-to-school surveyCopyright © 2018 Deloitte Development LLC. All rights reserved. 29 Shoppers preferring traditional department stores and fast fashion stores are likely to spend the most on clothing and accessories. Average clothing and accessories planned spend is higher at department and fast fashion stores than at mass merchants $234 $390 $338 $277 $279 $320 Mass merchant stores Traditional department stores Fast fashion apparel retailers Off-price stores Online only sites Specialty clothing stores Average ‘Clothing & accessories’ spend – By most preferred format Question: (1) “Which type of retailer will you shop the most for clothing and accessories during this back-to-school season?” Question: (2) “For the following categories, please indicate the total amount you estimate you will spend during back-to-school shopping season?” Note: Sample size (includes only respondents who will shop the most for ‘Clothing & Accessories’ from the above mentioned retail formats)
  30. 30. 2018 back-to-school surveyCopyright © 2018 Deloitte Development LLC. All rights reserved. 30 26% 23% 21% 15% 9% 34% 29% 20% 7% 4% 46% 23% 17% 7% 3% 36% 25% 19% 9% 5% High-income ($100k+) Middle-income ($50k-$99k) Low-income (Less than $50k) Overall Mass Merchants Home electronic stores Online only* Office supply/ technology stores* Warehouse membership clubs* When it comes to high-income shoppers, conventional stores – mass merchants and home electronic stores – will likely have a tough competition from online only formats Dominance of mass merchants as the most preferred format for technology products vary with income Preferred retail formats for ‘Electronic gadgets/Computers & hardware’ – By income * Sample size at household income-level has fewer than 30 respondents Question: “Which type of retailer will you shop the most for electronic gadgets/computers & hardware during this back-to-school season?” Note: Sample size – High-income (n = 117), Middle-income (n = 116), Low-income (n = 116), Overall (n = 349)
  31. 31. 2018 back-to-school surveyCopyright © 2018 Deloitte Development LLC. All rights reserved. 31 Average spend on technology products at Home electronics stores is higher compared to other retail formats Planned spend on electronic gadgets and computers at conventional formats stays ahead of spend at online-only retailers $334 $430 $318 $383 Mass merchant stores Home electronics stores Online only sites Office supply/technology stores Average ‘Electronic gadgets/Computers & hardware’ spend ($) - By most preferred format Question: (1) “Which type of retailer will you shop the most for electronic gadgets/computers & hardware during this back-to-school season?” Question: (2) “For the following categories, please indicate the total amount you estimate you will spend during back-to-school shopping season?” Note: Sample size (includes only respondents who will shop the most for ‘electronic gadgets/computers & hardware’ from the above mentioned retail formats)
  32. 32. 2018 back-to-school surveyCopyright © 2018 Deloitte Development LLC. All rights reserved. 32 $572 $592 $422 $552 $347 $363 $311 $105 $185 $355 $200 $302 $334 $430 $318 $383 High-income ($100k+) Middle-income ($50k-$99k) Low-income (Less than $50k) Overall Mass merchants Home electronic stores Online only* Office supply/ technology stores* Low income households are likely to spend the most at home electronic stores, almost double their likely spend at mass merchants Spend by higher income groups likely to be spread evenly across mass merchants and home electronic stores * Sample size at household income-level has fewer than 30 respondents Question: (1) “Which type of retailer will you shop the most for electronic gadgets/computers & hardware during this back-to-school season?” Question: (2) “For the following categories, please indicate the total amount you estimate you will spend during back-to-school shopping season?” Note: Sample size (includes only respondents who will shop the most for ‘electronic gadgets/computers & hardware’ from the above mentioned retail formats) Average ‘Electronic gadgets/Computers & hardware’ spend ($) - By income
  33. 33. 2018 back-to-school surveyCopyright © 2018 Deloitte Development LLC. All rights reserved. 33 63% 17% 3% 5% 5% 70% 12% 7% 4% 3% 70% 7% 16% 2% 2% 68% 11% 9% 4% 3% High-income ($100k+) Middle-income ($50k-$99k) Low-income (Less than $50k) Overall Mass merchants Office supply/ technology stores Dollar stores Online only* Warehouse membership clubs* Nearly two-thirds of shoppers are likely to prefer Mass Merchant stores for school supplies shopping Mass merchants are likely to hold clear lead over other retail formats when it comes school supplies Preferred retail formats for ‘School Supplies’ – By income * Sample size at household income-level has fewer than 30 respondents Question: “Which type of retailer will you shop the most for school supplies during this back-to-school season?” Source: Deloitte survey Note: Sample size – High-income (n = 335), Middle-income (n = 341), Low-income (n = 501), Overall (n = 1,177)
  34. 34. 2018 back-to-school surveyCopyright © 2018 Deloitte Development LLC. All rights reserved. 34 About the survey Survey timing: May 31 to June 6, 2018 Sample: The survey polled a sample of 1,200 parents of school-aged children, with respondents having at least one child attending school in grades K to 12 this fall. Methodology: The survey was conducted online using an independent research panel Demographics Income group (N=1,200): • Low-income – Household income less than $50,000 (n=507) • Middle-income – Household income between $50,000 and $99,999 (n=351) • High-income – Household income $100,000 and more (n=342) Region (N=1,200): • West: (n=282) • Midwest: (n=264) • South: (n=424) • Northeast: (n=230)
  35. 35. 2018 back-to-school surveyCopyright © 2018 Deloitte Development LLC. All rights reserved. 35 About the survey This annual Deloitte survey was conducted online using an independent research panel between May 31 and June 6, 2018. The survey polled a sample of 1,200 parents of school-aged children and has a margin of error for the entire sample of plus or minus three percentage points. All respondents had at least one child attending school in grades K – 12 this fall. This publication contains general information only and Deloitte is not, by means of this publication, rendering accounting, business, financial, investment, legal, tax, or other professional advice or services. This publication is not a substitute for such professional advice or services, nor should it be used as a basis for any decision or action that may affect your business. Before making any decision or taking any action that may affect your business, you should consult a qualified professional advisor. Deloitte shall not be responsible for any loss sustained by any person who relies on this publication. About Deloitte Deloitte refers to one or more of Deloitte Touche Tohmatsu Limited, a UK private company limited by guarantee (“DTTL”), its network of member firms, and their related entities. DTTL and each of its member firms are legally separate and independent entities. DTTL (also referred to as “Deloitte Global”) does not provide services to clients. In the United States, Deloitte refers to one or more of the US member firms of DTTL, their related entities that operate using the “Deloitte” name in the United States and their respective affiliates. Certain services may not be available to attest clients under the rules and regulations of public accounting. Please see www.deloitte.com/about to learn more about our global network of member firms. Deloitte Center for Industry Insights The Deloitte Center for Industry Insights is the research division of Deloitte LLP’s Consumer and Industrial Products practices. The center’s goal is to inform stakeholders of critical business issues, including emerging trends, challenges and opportunities. Using primary research and rigorous analysis, the center provides unique perspectives and seeks to be a trusted source for relevant, timely and reliable insights.

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