2023 back-to-school spending projected at $39B, down 3.5% from last year's $41.5B.
Americans are projected to spend $39B on back-to-school shopping in 2023, down 3.5% from last year's $41.5B due to inflation and economic slowdown. However, 2024's back-to-school spending is expected to reach $38.8B, despite consumers becoming more price-conscious and seeking deals. Despite economic challenges, average hourly and weekly earnings have been running above inflation, maintaining steady back-to-school spending volumes.
August 25, 2024
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