This back-to-school shopping season, parents are focusing on the basics while also trading down to cheaper stores as surging inflation takes a toll on their household budgets.
This back-to-school shopping season, parents — particularly in the low to middle income bracket — are focusing on the basics while also trading down to cheaper stores amid surging inflation, which hit a new 40-year high in June.
Matt Priest, CEO of trade group Footwear Distributors & Retailers of America, noted that last year, the group's retail members saw a noticeable uptick in online sales mid-month when shoppers received their monthly child tax credit checks that amounted to a couple of hundred dollars. This season, without that bump, he expects shoppers will buy fewer shoes for their children and rely on private label brands.
Out shopping, her girls were drawn to the school supplies featuring TV characters and animals they love, but she'll focus on the plain versions. Colon, 38, works at his daughters’ elementary school. He said his spouse has had to pick up extra work because of high prices for school supplies, groceries and gas.Multiple forecasts point to a solid back-to-school shopping season.