US consumers are planning double-digit cuts to their budgets for back-to-school supplies in the latest sign that inflation is weighing on discretionary spending in the world’s largest economy.
The average family will spend 10 per cent less on each student this summer than in 2022, Deloitte forecast on Wednesday, setting up a test of a strained retail sector’s ability to weather a more wary consumer mood.
Shoppers are set to spend $31.2bn, or $597 a child on average, in the period when parents traditionally stock up on children’s clothing and stationery, Deloitte estimated after surveying 1,212 parents.
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