Back-to-school spending is expected to fall for the first time in nine years as shoppers across all income levels pull back on non-essential purchases and prioritize necessities amid sticky inflation, according to a Deloitte report on Wednesday.
Consumers are expected to spend 10% less this year, with average spend per child falling to $597, while the overall back-to-school market is projected to shrink to $31.2 billion, compared with $34.4 billion in 2022, the report said.
Refreshing wardrobes and electronics for school is taking a back seat, with spending on apparel and technology set to fall 14% and 13%, respectively, according to the report, as Americans allocate their dollars for utmost necessities.Nearly a third of households surveyed by Deloitte were in a worse financial situation than last year, with 51% expecting the economy to weaken over the rest of 2023.
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