Smart shoppers using smart phones this BTS season

The pervasiveness of smartphones is making this back-to-school season the most technology-influenced ever, and a new study from Synchrony Financial provides fresh insight on the impact digital tools are having.

In their quest for back-to-school bargains, more than half of college students use their phones to comparison shop, and more than one-third of K-12 parents search for coupons and online deals with their phones, according to Synchrony Financial’s research. Social media enables 46% of college students to compare prices and more than 30% of them – and parents of K-12 children – watch for deals on brands they follow. Despite the online deal-seeking behaviors, when it comes to back-to-school supplies, physical stores rule. Supplies are most likely to be purchased in-store by 80% of college parents, 74% of college students and 77% of K-12 parents, according to the study.

Synchrony Financial, a leading consumer financial services company, examined spending across six categories, the use of technology, and retail and payment preferences. The survey was conducted July 7-14 on behalf of Synchrony Financial by RTi Research and involved more than 2,000 participants in three groups: parents of children in grades K-12; parents of college students; and college students.

“Our findings indicate parents and students will fulfill their back-to-school needs with an eye toward finding deals,” said Toni White, Synchrony’s chief marketing officer. “Although the study found shoppers are confident and optimistic, their focus on value and time spent comparing prices online reinforces the importance for retailers to have integrated strategies that provide relevant offers and the best multi-channel experience.”

Generally speaking, parents shopping for back-to-school clothing and supplies for their children are confident about their finances, but still very cost-conscious and careful to find the best value, according to the study. Not surprisingly, price is an overriding concern for parents, even though most report they plan to spend the same or more this year.

Accurately forecasting how much shoppers will spend is a tricky business, since actual behavior in a store during the height of the season can differ materially from shopper intentions gathered during a survey a month earlier. For example, a recent National Retail Federation survey forecast that average spending per household for K-12 and college kids will decline this season.