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The cost of school supplies is weighing heavily on US parents. Between May and June, 40% of those planning to do back-to-school shopping considered it a significant concern in their budget, compared with 30% last August. Meanwhile, 19% said they could not afford it, up from 14%.
Beyond the chart: These figures will likely grow as the US economy continues to shrink. GDP fell by 0.9% in Q2 2022, marking two consecutive quarters of decline, an indicator of a recession. While economists are torn over the severity of this downturn, consumer confidence remains low, and without stimulus checks, parents face a difficult back-to-school season.
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