Could be the kids were too cool to carry bags. I know that when I was in High School (same time as this movie came out), you didn't carry books or bags if you could get away with it.
The reason nobody has any books or bags or anything is because it is the first day of school. Molly Ringwald says something in the beginning about how she doesn't even have her tan left from summer.
I am not sure why no one has any bags on the bus, some have notebooks and instruments though. Also I don't think it was the first day of school because there usually isn't a dance within the first week. I do think it was fall though, but probably a few weeks into the school year.
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