Deloitte Touche Tohmatsu LimitedPrivate± Mixed
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Back-to-school spending by US households with school-age children is expected to drop about 6% this year on an inflation-adjusted basis, according to a survey released on the 9th by consulting giant Deloitte. Total spending is forecast at 30.4 billion dollars, with per-student spending from kindergarten through high school averaging 557 dollars, down from 570 dollars per student last year. The survey found that 57% of consumers expect the economy to worsen over the next six months, the highest share since 2020. Households are likely to prioritize essentials such as clothing while cutting back on technology purchases, and about half of households plan to reduce spending on dining out and entertainment to free up budget for school-related expenses. The survey also showed a tendency to delay shopping until closer to the start of the school year.