Retailers are set for the strongest back-to-school shopping season on record as inflation drives up prices of clothes and supplies and more students return to physical classrooms after two years of pandemic-led disruption, a Deloitte forecast showed.
Spending is expected to jump 5.8 percent to $34.4 billion this year, Deloitte said on Thursday, citing an online survey of 1,200 parents of school-aged children.
The strong forecast is a positive sign for the retail industry whose prospects have taken a hit from a drop in American spending power due to soaring gas and food prices.
While one in three households say they are in a worse financial position than last year, according to the survey, average spending per student is still expected to rise 8 percent to $661. The figure represents a 27 percent rise from pre-pandemic levels….