One-third of consumers are saving in other areas in order to cover the cost of back-to-school supplies for the upcoming year as inflation rises, hitting a new four-decade high in June.
Walmart department manager Karren Gomes helps stock shelves with school supplies as the retail store prepares for back-to-school shoppers in San Diego Aug. 6, 2015.
Families with children in elementary school through high school are projected to spend an average of $864 during what's seen as one of the "most significant shopping events for consumers and retailers alike, second only to the winter holiday season," according to Shay.Back-to-school supplies at a store in July in Marlborough, Mass.
Each family is projected to spend an average of $1,199 on items for college, which is "consistent with last year’s record of $1,200," according to the NRF. However, it's $223 more on average compared with 2019.
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