💹 MARKET WATCH: Back-to-School spending to dip 6% amid economic worries, Deloitte forecasts

July 9 (Reuters) - Back-to-school spending among U.S. households with school-age children is expected to decline about 6% this year on an inflation-adjusted basis, as consumer sentiment weakens ​amid rising economic uncertainty, according to a Deloitte survey released on ‌Thursday. 

A woman shops for back to school supplies at a Walmart store in San Diego, California August 6, 2015. REUTERS/Mike Blake Purchase Licensing Rights

Here are some key details: 

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• Total spending is projected at $30.4 billion, or $557 per K-12 student on average, down from $570 per student last year, the consulting firm said. The survey found ​that 57% of consumers expect the economy to worsen over the ​next six months, the highest share since 2020. 

• Families are expected ⁠to prioritize necessities such as clothing while cutting back on technology purchases, Deloitte ​said. About half of households surveyed plan to reduce spending on dining ​out and entertainment to make room in their budgets for school-related purchases. 

• Deloitte also found that families are delaying back-to-school purchases until closer to the start of the school year, ​a trend that contrasts with other forecasts suggesting shoppers are starting earlier this summer. 

• Still, ​value-seeking does not necessarily translate into lower spending, according to the survey. About a ‌third ⁠of K-12 parents qualify as "hyper value-seekers," yet that group is expected to spend 14% more than other shoppers, Deloitte said. 

• "We see parents approach back-to-school shopping with intent. They tend to be more thoughtful about their spending and value-seeking ​strategies to help ​maximize their wallets," ⁠said Brian McCarthy, principal of retail strategy at Deloitte Consulting. 

• PwC has forecast that families will spend about $922 on ​average on back-to-school shopping this year, up roughly 47% ​from 2025. 

• The ⁠back-to-school season typically accounts for about 2.3% of total annual U.S. retail sales, with $128.2 billion spent in 2025, according to the National Retail Federation. 

• The Deloitte ⁠survey was ​conducted online using an independent research panel ​between May 22 and May 29, and included 1,207 parents with at least one child ​in grades K-12.

Reporting by Neil J Kanatt in Bengaluru; Editing by Tasim Zahid