This one’s gonna be a shocker to most readers: Consumers aren’t going to spend nearly the amount of money on back-to-school items this year as they have in the past. A study by America’s Research Group says sales will drop between 8.5% and 12% from last year.
“Back-to-school spending will be a minor blip on the radar screen for retailers this year,” says Britt Beemer, founder and CEO of America’s Research Group.
Of those surveyed, just over half said they would try to get their kids to wear last year’s clothes. This year a little more than 33% said they would spend more than $400, down from 47% last year.
And if people are shopping, they’re heading to the discount store. Most people in the survey, 22.3% said they would do their shopping at Wal-Mart, up from 15.4% in 2008.