Retailers Brace for Slower Back-to-School Season
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Retailers hoping for another record-breaking back-to-school season will be sorely disappointed, with the National Retail Federation predicting spending will decline by 13%.
The industry group announced today that families with school-aged children will spend an average of $635, down from $689 last year. Families with kids in college will spend an average of $837, down from $907 a year ago. Total back-to-school and back-to-college spending will fall to $72.5 billion from $83.8 billion. Last year a combination of pent-up demand and a growing population of school-aged children goosed sales, the NRF said
“The good news is that consumers are spending, but they are doing so with cost and practicality in mind. Having splurged on their growing children’s needs last year, parents will ask their kids to reuse what they can for the upcoming school season,” said Matthew Shay, NRF president-CEO, in a statement.
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