Imports of back-to-school supplies are tracking below 2022 peaks but are still above pre-pandemic levels. This suggests that retailers are preparing for a small contraction in consumer spending, but that the demand for these supplies remains strong.
In the early months of 2023, imports of backpacks were down by 12% compared to the previous year. Imports of lunch boxes were down 10%, and the imports of notebooks were down 8%. Even so, all three categories were up significantly from early 2020 and early 2021.
The decrease in backpack imports is likely because parents are having their kids reuse their backpacks from last year. Backpacks are a relatively expensive item, and if consumers are looking to save money this year, reusing a backpack makes sense.
However, the demand for notebooks and lunchboxes remains strong. Notebooks are essential for taking notes in class, and lunchboxes are a necessity for packing lunches. Even though the imports of these items are down slightly from 2022, they are still up significantly from pre-pandemic levels.
This suggests that consumers are still willing to spend money on back-to-school supplies, even if they are being more mindful of their spending. Retailers should be prepared for a small contraction in consumer spending, but the overall demand for back-to-school supplies remains strong.
As a reminder, containers are a physical manifestation of demand, and consumers are still processing two years of intense spending.
