Back-to-school shopping decreases for first time in 9 years as persistent inflation tightens excess spending
The end-of-the-summer rush for school supplies is a feeling all too familiar to some, but a new study shows back-to-school spending is expected to fall for the first time in nine years.
Overall back-to-school shopping is projected to shrink to $31.2 billion, compared with $34.4 billion in 2022, according to the new report, while consumers are personally expected to spend 10% less this year. Parents and guardians are expected to spend an average of $597, the report found.
The reason for the decline falls squarely on the shoulder of inflation,...