As consumer finances continued to be under pressure amid high inflation in essential sectors such as food & grocery, purchasing secondhand has been a solution for many in the UK this year, according to new research from GlobalData, a leading data and analytics company.

According to GlobalData’s 2023 Back to School UK survey, 73.4% of UK back to school shoppers stated that they actively reduced spend on the occasion in an attempt to save money in 2023*. This was 5.0 percentage points (ppts) higher than 2022, Those buying for children between the ages 11 to 13 were most likely to cut spending on the occasion, with 82.8% (up 13.2ppts) stating that they cut back in 2023.

Joe Dawson, Retail Analyst at GlobalData, comments: “This age group, which marks the transition into secondary school, tends to require more significant investment by shoppers, as they need brand new uniforms and other essential products. This can be very costly for families and is often an unavoidable expense. When shopping for more expensive back to school products, they have likely been saving money by buying fewer items and making do with smaller quantities of each item.”

Purchasing secondhand has been a solution for many this year, with 37.3% of consumers stating they have purchased secondhand products in 2023, 47.2% of whom cited saving money or finding a bargain as the reason why.

Dawson continues: “Secondhand purchases were most common for those shopping for children aged 5-7 years old, with 47.8% of back to school shoppers that bought for children in this age range buying at least one item secondhand this year. As children tend to grow quickly, secondhand products provide a more cost-effective choice for short-term wear.”

Dawson concludes: “With the rate of inflation not expected to return to more normal levels until 2025, retailers must appeal to price-conscious shoppers with deals and promotions specifically targeted at reception and year 7 students. A set percentage off the marked price and multi-buy discounts were the most popular among consumers, so these should be the focus for retailers tempting back to school shoppers during this new academic year and beyond.”

* GlobalData’s 2023 Back to School UK survey was conducted with a sample size of 1,503 respondents