This year could potentially be the most expensive back to school season. With increasing inflation, shopping for the upcoming school year is getting more expensive, and according to data from the National Retail Federation, it is forecasted that the 2023 back-to-school shopping season will exceed $135B in overall spending—up more than $24B from last year. However, recent survey data from Deloitte predicts that there will be a 10% decrease in spending of families with K-12 students. An Insider Intelligence analyst believes that “what we’ll see is just people are looking for opportunities to save and they will seize upon those, but they’re not going to be pulling back entirely.” YPulse’s Back to School Shopping report data shows that 41% of young consumers plan on spending the same they usually do, 27% plan on spending more, and a quarter plan on spending less. (USA Today)
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