Annual survey finds parents trimming back-to-school spending
LOS ANGELES (AP) — Back-to-school is one of the busiest shopping seasons of the year, and it’s here. But one survey suggests parents’ spending will be more frugal than last year.
Retail analyst Alison Paul at Deloitte says you may feel “a little under pressure” when back-to-school ads start in July, but “that’s just the way it goes,” especially with more and more schools starting in August.
Paul says Deloitte’s annual back-to-school survey finds consumers more confident about the economy, but that doesn’t translate to more willingness to spend. Parents plan to spend an average of $428 on back-to-school, down from about $600 last year.
Deloitte expanded its survey to include back-to-college spending this year, and found that’s where the big spenders are. Parents of college students plan to spend an average of more than $900.
Paul says it could signal a shift in emphasis.