The back-to-school season is a much-awaited time for students and retailers. However, this year, inflation is likely to weigh on consumer behavior. Deloitte’s recent survey indicated a downward trend in back-to-school spending, with parents planning to spend 10% less (i.e., $597) per child compared to the previous year, as quoted on Yahoo Finance. In fact, back-to-school spending is likely to record the first decline in nine years due to inflation.
Let’s delve deeper into the facts.
This post appeared at 24/7 Wall St.