As prices soar under high inflation, U.S. back-to-school retail sales will set a new record!

It is learned that a forecast from Deloitte shows that due to inflation, the prices of clothing and daily necessities in the United States continue to rise, and many students will return to offline classes, so retailers will have the strongest back-to-school shopping season in history this year.

According to forecasts, back-to-school sales in the United States will jump 5.8% to $34.4 billion in 2022. Average spending per student is expected to rise 8% to $661. Student spending levels will rise 27% from before the pandemic.

The strong forecast is a positive sign for the U.S. retail sector, which has been hit hard since 2022 as people's spending power has declined due to soaring gasoline and food prices.

It is reported that currently, one-third of American households report that their financial situation is worse than last year, but this does not affect their spending power during the back-to-school season. Stephen Rogers, general manager of Deloitte, said: "This year, the majority of Americans will use their previous savings to consume during the back-to-school season. As their financial situation deteriorates, their desire for credit has also increased."

Deloitte pointed out that the back-to-school season is the second largest shopping event in the United States every year. This year, it is expected that the growth of online sales in the United States will slow down, and in-store sales will account for nearly half of all spending. In addition, as in previous years, this year's back-to-school shopping season will be advanced because Americans are worried that supply chain disruptions will lead to insufficient inventory, so they will buy in advance.

The latest data released by the National Retail Federation (NRF) shows that consumers are cutting spending in other areas to buy back-to-school supplies, and Americans' total back-to-school spending this year is expected to be on par with last year's record $37 billion.

In addition, forecasts from Mastercard SpendingPulse also show that this year's U.S. back-to-school sales will be strong. Mastercard predicts that U.S. retail sales will increase by 7.5% year-on-year in the 2022 back-to-school season. Department stores will be the biggest winners due to the rebound in store traffic.

Editor ✎ Nicole/

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