Back-to-school spending in US to decrease to $31.30 billion, retailers offering discounts

From Investing.com: 2024-07-15 00:20:36

Back-to-school spending in the US to decrease, with shoppers expected to spend $31.30 billion, down from $31.90 billion in 2023. Big discounts expected on sneakers, computers, and clothing. Retailers like Walmart and Target already starting deals early to compete with Amazon Prime Day event on July 16-17.

Middle-income families focusing on value, willing to shop private label. Retailers advised to have promotional offers ready for back-to-school season. Retailers and consumer product companies anticipated continued volume pressure in the quarter.

67% of parents willing to sacrifice brand loyalty for affordability. Shoppers to spend $12.60 billion on clothing and school supplies and $8.6 billion on technology products, down 11% from last year. Middle-income families to cut spending by 9%, while higher-income families to see a 5% increase in average spending to $721 per child.



Read more at Investing.com: US back-to-school spending to remain muted in 2024, Deloitte says By Reuters