School is back in session, but is the market?
Americans across the nation have sent their children back to school between early July to late August. But just like teachers, parents are starting to realize the effects of inflation and the cost of a students per year expenses.
On average it was estimated in 2020 that parents will spend roughly $600 for their children to have the supplies they need to be in school. (Not including food and beverages for lunch.) that number went up $60 in 2021 and its expected to go even higher this year.
Inflation is no joke, with increasing consumer demand and need standards for the ecommerce market since the pandemic, parents are starting to realize a brands name has no meaning if the effectiveness of a product cannot prove its versatility between other brands.
Why should a parent purchase a Nike backpack for $60 retail when they can buy a backpack that provides the same benefits of nike backpack for only $20? If a box of pencils and pens can come in a package deal for $10 why go for the fancy colored pencils for $30?
These are the questions the average consumer now asks when inflation is a common factor causing impact on spending.
So at a business standpoint here, ideally it seems like parents are starting to buy more into less established brands that can offer the same benefits of a more popular brand but at a fraction of the cost. This is where newer business can easily come in to make a good foothold.
When there is a drawback, especially in the economy, there will always be an opportunity.
So when you need to take advantage of the ever changing market, or if you just want to get ahead of the curve of inflation, learn about your potential business partner Black Mountain.
We can give you the tools you need to be able to outsource your back to school products straight to the consumers door while working with our trusted shipping partners.