With a US economic slowdown in full swing, it may not be surprising that the outlook for back-to-school spending is not so rosy, according to a new report released by Port Washington, New York-based market researcher The NPD Group.
The new report found that 35% of parents plan to spend less than they did last year, that’s 10% more with lowered spending expectations than last year. A full 34% plan to spend the same, down 5% from last year and only 31% plan to spend more, down 5% from the 2007 result.
However, there wasn’t much change on what parents plan to buy and where they’re making their purchases. Discount retailers, such as Walmart, are still on top with 81% of respondents, down 3% from last year. Office Supply stores were next on the list at 45%, up 2% from 2007 and Department Stores was third on the list with 25% of parents saying they will shop there.
The category spending chart also indicated that parents intend to cut back across the board. Check out full results at www.npd.com.