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06/08/2010 -
Brick-and-mortar retailers should expect to see a slower increase than usual in credit card machine use during this year’s potentially less busy back-to-school shopping season.The RBC Consumer Outlook Index has revealed that more than half of American families - 62 percent - are planning to spend less this year - or nothing at all - on back-to-school shopping. Only 9 percent of respondents expected to spend more.
"The pull-back in back-to-school shopping is a true sign of the times," said Tom Porcelli, U.S. market economist at RBC Capital Markets. "As they [Americans] adjust to living in this new economic reality, consumers continue to remain very cautious when it comes to personal spending."
However, while consumers expect to trim school supply budgets, the study also revealed that confidence was surprisingly high. Consumer confidence, propelled by lessening fears regarding job security and the economic climate, rebounded this month to 63.9, a big improvement from 47.2 in July.
Regardless of consumer sentiment, spending for July was seen to stall, growing by only 3 percent, according to a study by Retail Metrics. This was the third month in a row that spending has not met expectations.
