Back-to-school spending sees first decline in 9 years due to inflation

Back-to-school shopping is expected to decrease for the first time in nine years, with overall spending projected to shrink to $31.2 billion compared to $34.4 billion in 2022. The decline is attributed to persistent inflation, causing Americans to prioritize essential purchases and cut back on non-essential items. Parents and guardians are expected to spend an average of $597, 10% less than last year. Spending on school supplies is expected to increase by 20%, while spending on apparel and technology is set to fall by 14% and 13% respectively. Shoppers are relying on sales to offset increased costs, with nearly 60% of back-to-school purchases planned to be completed by the end of July.