Consumers to spend less on back-to-school

NEW YORK Citing higher food and gas prices, 71 percent of consumers surveyed said they would spend less on back-to-school shopping this year, according to a Deloitte LLP study.

Even more alarming for retailers is that 48 percent plan to reduce back-to-school spending by more than $100. A total of 45 percent said they would put off buying certain items as long as possible, 45 percent said they plan to shop at stores that offer lower prices and 33 percent are going to buy more private label products.

“These survey results indicate that consumers will likely stick to the basics this fall,” said Stacy Janiak, Deloitte’s U.S. Retail Leader.