Back-to-school spending to decline 10% due to inflation, says report
TL;DR Summary
Back-to-school spending is expected to decrease by 10% this year due to inflation, with parents projected to spend $597 per student, according to a forecast from Deloitte. Clothing spending is expected to fall by 14% and technology-related purchases by 13%, while school supplies purchases are expected to increase by 20%. Reduced disposable income and increased prices were cited as the main reasons for spending less or more, respectively. Discount, online, and dollar stores are expected to be popular among deal seekers, and more families plan to pay with cash or debit cards rather than credit cards.
Topics:business#back-to-school-spending#consumer-spending#economy#household-budgets#inflation#retailers
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