New York City Consumers plan to spend just over $531 for back-to-school clothes and supplies this year, according to a survey conducted by Brand Keys, a New York-based brand and customer loyalty research consultancy.
"Despite retailers’ deep discounting and promotional activity, and whispers that the recession is over, consumers are showing steadfast frugality, which is sure to shrink back-to-school share-of-wallet by 10% this year," said Robert Passikoff, president of Brand Keys.
In response, shoppers are evaluating which retailers are going to offer the best prices for back-to-school necessities, the report found.
Consumers plan to spend about $275 on clothing, the same average amount spent last year. However, the firm expects computer/software/printer purchases to drop about 11%. School supplies purchases are also expected to fall, with the average consumer spending $95, down 5% from the year.