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MacKenzie Scott, Melinda French Gates, and Lauren Sánchez Bezos are rewriting the rules of billionaire giving—one quietly, one strategically, one very publicly

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1

MacKenzie Scott, Melinda French Gates, and Lauren Sánchez Bezos are rewriting the rules of billionaire giving—one quietly, one strategically, one very publicly

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After donating $48 billion to the Gates Foundation, Warren Buffett is quietly ending one of the biggest philanthropic relationships in history

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26 Meta employees accuse Mark Zuckerberg of using AI to target 8,000 layoffs against workers on medical, parental or family leave
Retailback to school

Fearing tariff-induced price hikes, parents are back-to-school shopping earlier than any year on record

By
Chris Morris
Chris Morris
Former Contributing Writer
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By
Chris Morris
Chris Morris
Former Contributing Writer
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August 6, 2025, 10:57 AM ET
School notebooks in a Target store
An aisle dedicated to back-to-school supplies at a New York City Target store. Deb Cohn-Orbach—UCG/Universal Images Group/Getty Images
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  • More families started their back-to-school shopping in early July than in the past seven years. Tariffs and inflation are being blamed for the behavioral shift. The average expenditure per student will be lower this year, but the overall totals are expected to rise slightly.

Reading and ’riting are still important, but as the 2025–26 school year draws near, parents are paying more attention to the third R—’rithmetic.

With tariffs looming and some (though not all) retailers warning that prices are bound to increase, back-to-school shopping began especially early this year. The National Retail Federation notes that more than two-thirds of families started buying pencils, pens, paper, and folders in early July.

Some 67% of families got an early start this year, compared with 55% last year. That’s the highest number of early back-to-school shoppers since the NRF began tracking the category in 2018. And it all comes down to price.

“Consumers are being mindful of the potential impacts of tariffs and inflation on back-to-school items, and have turned to early shopping, discount stores, and summer sales for savings on school essentials,” said Katherine Cullen, NRF vice president of industry and consumer insights. “As shoppers look for the best deals on clothes, notebooks, and other school-related items, retailers are highly focused on affordability and making the shopping experience as seamless as possible.”

To put that 67% statistic into perspective: In 2019, only 44% of parents started looking for school supplies and clothes that early. It’s worth noting that most schools have not issued their lists of which items are required at that time of year.

Families with students in elementary through high school plan to spend an average of $858.07 on clothing, shoes, school supplies, and electronics this year. That’s less than the $874.68 they spent in 2024.

Overall spending is expected to be higher, however, jumping from $38.8 billion to $39.4 billion as more consumers will be buying supplies. That doesn’t extend to lower-income families, though. The NRF says those households are pulling back in all back-to-school spending categories because of economic uncertainty.

The Fortune 500 Innovation Forum will convene Fortune 500 executives, U.S. policy officials, top founders, and thought leaders to help define what’s next for the American economy, Nov. 16-17 in Detroit. Apply here.
About the Author
By Chris MorrisFormer Contributing Writer

Chris Morris is a former contributing writer at Fortune, covering everything from general business news to the video game and theme park industries.

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