NEW YORK — Due to U.S. economic concerns, 71 percent of parents expect to tighten their purse strings this back-to-school season, with nearly half planning to dole out less cash on shoes, according to a recent survey.
A Deloitte online survey of more than 5,000 consumers released Monday said clothing will be the No. 1 area for back-to-school spending cutbacks, with 83 percent of consumers expecting to spend less than last year. Forty-eight percent of shoppers plan to spend less on shoes, and 30 percent plan to spend less on backpacks.
Among those who plan to shop for back-to-school, 88 percent of consumers intend to do their buying at discount/value department stores, and 48 percent expect to curb their spending by more than $100.
“As consumers look for deals and value, discount stores are clearly well positioned,” Deloitte U.S. retail expert Stacy Janiak said in a written statement. “There is also an opportunity for stores with private label lines, charge cards or loyalty programs to offer new and unique value propositions to customers, which can help pull consumers into the stores and keep them shopping.”
Further, 90 percent of those surveyed said they are likely to change the way they shop for back-to-school, with many planning to scour for more deals, coupons and on-sale items and opt for private label and lower-priced goods.