Back-to-school spending set for first decline in nine years because of inflation, report says
July 13, 2023
Back-to-school spending in the United States is expected to decline for the first time in nine years as consumers prioritize necessities and reduce nonessential purchases amid sticky inflation, according to a report by Deloitte. The report projects a 10% decrease in spending this year, with the average spend per child dropping to $597 and the overall back-to-school market shrinking from $34.4 billion in 2022 to $31.2 billion. Spending on apparel and technology is set to fall by 14% and 13% respectively, while school supplies are expected to see a 20% increase in spending.
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