The backpacks and sneakers could be a little more beat-up when the school bell rings this fall. A new survey by Deloitte estimates back-to-school spending is set to fall for the first time in nine years in 2023, with average spending per student projected to be down 10%. That’s going to result in a retail shortfall of more than $3 billion compared to last year.
The overall spend is expected to be $31.2 billion this year, which works out to an average spend per child of $597, compared to $661 in 2022 and $612 in 2021. While school supplies will see 20% year-over-year growth, Deloitte says, spending on clothing and accessories is expected to drop 14% and parents will spend 13% less on tech products.
