Tuesday, July 31, 2012
A Deloitte survey has found about nine out of ten consumers plan to spend the same or more on back-to-school shopping this year.
About 60 percent of those who plan to spend more say they'll do so because items cost more, and more than one-third say their children need more expensive items this year.
Deloitte retail analyst Scott Erickson says school budget cuts also have had some impact. A growing number of parents say they need to buy more school supplies for their kids because their schools are buying less.
Nearly half of the consumers surveyed feel the economy is still in recession. But 74 percent feel their household financial situation is the same or better than a year ago.