As the back-to-school shopping season approaches, mass market retailers in the U.S. are ramping up efforts to attract budget-conscious consumers with enticing offers on essential items like computers, clothing, and school supplies. To ease the financial burden, many retailers are promoting "buy now, pay later" (BNPL) services, allowing shoppers to spread out costs over time. This strategy is particularly appealing to families facing rising living expenses, as inflation continues to impact household budgets. For instance, a mother of three in New York City anticipates spending around $3,400 this year, significantly more than last year, primarily due to the purchase of a laptop. Despite the financial strain, BNPL usage is on the rise, with a reported 14.3% increase in online purchases made through these services. Retail forecasts suggest that back-to-school sales may reach $38.8 billion this year, showcasing the importance of this shopping season, even as consumers remain cautious about their spending habits.
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