CNN —
Last year, consumers shelled out big bucks for their back-to-school shopping needs, spending a record $41.5 billion, according to estimates from the National Retail Federation.
That whopping tally, which amounted to more than $890 per household, bested 2021’s all-time high by roughly 12%. While higher prices sure played their part, so did buoyed optimism in the strong labor market, plus slowing inflation and the resilient US economy.
This year, consumers have grown more tempered. Although higher-than-typical inflation is just about snuffed out, consumers have pulled back as they feel the compounding effects of
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