Deloitte: Back-to-school spending in the US will drop by 6% due to economic concerns

This consulting firm stated that the total expected expenditure is $30.4 billion, averaging $557 per K-12 student, which is lower than last year's $570 per student. The survey found that 57% of consumers expect the economy to worsen over the next six months, the highest level since 2020. Deloitte indicated that households are expected to prioritize purchasing necessities such as clothing, while cutting back on technology products. About half of the surveyed families plan to reduce spending on dining out and entertainment to make room in their budgets for school-related purchases.