Back-to-School Sales May Drop
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U.S. families plan to spend 8% less on back-to-school merchandise than they did a year ago, with the biggest cuts coming in electronics, according to a survey released Tuesday.
The National Retail Federation’s poll of 6,487 people with school-aged children found that parents, on average, expect to spend $443.77 on back-to-school items this year, down from $483.28 last year.
Overall, U.S. consumers are expected to ring up $13.4 billion in back-to-school sales, down from $14.8 billion last year.
Shoppers planned to spend 33% less on electronics, or about $68.08 on average, down from $101.03 last year.
“It is understandable that, after several years of strong gains and record-breaking sales, demand may cool slightly for electronics merchandise this year,” said Tracy Mullin, the group’s president and chief executive.
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