“I think that result is being validated by what we’re seeing at retail, already,” said Marshal Cohen, chief industry analyst for NPD. ”I think that retailers are keying into this shift ... as witnessed in their early back-to-school advertising.”
According to the survey, about 76% of survey respondents said they plan to spend $500 or less, down 5% from last year.
“Consumers have a budget in mind and go shopping with the intention of spending those dollars,” Cohen said. “This year, in the absence of ‘absolute necessity’ or a ‘must have’ item, the consumer will look for alternative purchases. I think the primary beneficiaries of that will be apparel and footwear.”
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