Mass market retailers are gearing up for the back-to-school season with enticing deals on essentials like computers, clothing, and supplies, aiming to attract shoppers, especially those from lower-income backgrounds. As inflation continues to impact household budgets, retailers are promoting "buy now, pay later" (BNPL) services, allowing consumers to spread out costs without incurring interest. This year, families are expected to spend more on back-to-school items, with estimates ranging from $31.3 billion to $38.8 billion, despite inflationary pressures. The surge in BNPL usage reflects a shift in shopping behavior, with millennials leading the charge in back-to-school purchases. Retailers are also adjusting their marketing strategies, launching sales earlier in the year to capture consumer interest. With significant increases in sales of backpacks and electronics, the back-to-school shopping frenzy is proving to be a crucial period for retailers, as families seek to balance quality and affordability in their purchases.
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