The article discussed the longer period that retailers are using now to focus on back-to-school sales and some of the causes for that extension.
- Though families are still spending a lot of money on school supplies, they are more likely to seek lower-cost options as a result of post-COVID economic anxiety.
- Online shopping and the role of online influencers have changed how college students view dorms, and they are significantly more likely now to buy additional furniture and decorations.
- Despite the focus on lower-cost options for the back-to-school season, economists do not forecast a weaker spending season for the 2024 holidays.
Professor Clayton said: “Households feeling those economic pressures may be asking, ‘Can we get another year out of that backpack or lunchbox?’ If consumers see an item as more of a ‘want’ than a ‘need,’ that would put more pressure on retailers.”
Read the article here.