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Consumers to spend less on back-to-school supplies

Back-to-school season means consumers are reaching back into their wallets and purses again.

But a survey by Deloitte reveals they won't be digging as deep this year.

Higher gasoline and food prices have conspired to create a pullback, with 71 percent of those surveyed saying they plan to spend less this year.

Nearly half say they'll cut their spending by more than $100, and the vast majority of consumers are planning to do their back-to-school shopping at discount stores.

"As consumers look for deals and value, discount stores are clearly well-positioned," Stacey Janiak, Deloitte's U.S. retail leader said in a statement. "Dollar stores have an opportunity to enhance their market share and positioning by getting the word out about their back-to-school selections."

Ninety percent of the survey respondents also said they'll probably change the way they shop this year   Read Full Article...