As food and fuel prices reach record highs, it comes as no surprise that consumers are cutting back on their discretionary spending. The back-to-school season, typically an important time for retailers, is expected to be relatively flat this year, according to an article in the
Boston Herald.
“It appears that the current economic situation has dampened back-to-school share-of-wallet,” Robert Passikoff, president of the customer loyalty research firm Brand Keys, says to the Herald. “Which retailer is going to offer the best prices for the things they need most is how consumers are entering the back-to-school marketplace.”
As parents struggle with the increasing cost of living and record setting price of tuition, many students are also sufferring from what was a weak job market this summer. Teenagers, especially high school students, found themselves competing with older, more experienced workers who may have needed a part-time job or may have been out of their regular employment.
Consequently, parents and students alike headed to discount based retailers such as Old Navy, TJ Maxx, Marshall’s, and BJ’s Wholesale Club in order to do their back to school shopping.
The
article reports that spending is expected to remain flat in most retail cateories except for electronics. Many families have chosen to put aside some of their stimulus checks for electronic items such as computers or cell phones. Sales of clothing and other school items, however, are expected to experience little growth.
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--Bridget O'Sullivan
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