Back-to-school consumer spending slows.
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Consumers maintain that $590 is the average they will spend for back-to-school clothes and supplies, according to a survey conducted by Brand Keys, a Now York-based brand and customer loyalty research consultancy. "It appears that the current economic situation has dampened back-to-school share-of-wallet," states Robert Passikoff, president of Brand Keys. "We can only expect a five percent increase in spending this year."
High gas prices and a weakened economy are having their effects. "For the consumer," says Passikoff, "the three R's are now retailer, rates, and requirements--which retailer is going to offer the best prices for things they need most is how consumers are entering the back-to-school marketplace."
The survey, which includes assessments of 10,000 households with school-aged children drawn from nine U.S. Census regions, found average-spends (with no difference in distribution of spending from last year) for the following back-to-school categories, versus last year: clothing, $275 (plus six percent); computers, software, and printers, $210 (unchanged); athletic and dress shoes, $110 (plus 10%)...
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