Inflation Takes Bite Out Of Back-To-School Shopping Plans

Deloitte's survey found that parents plan to spend $597 on each child, a 10% decline from last year's back-to-school spending.

According to the survey, some families feel greater strains on their wallets, with 31% saying their financial situation is worse than it was a year ago. Lower-income households are most likely to feel this stress, with 45% saying their financial situation has deteriorated, compared with only 21% of higher-income households.