1 in 3 parents say they can’t afford back-to-school shopping this year… Consumers are cutting back on non-essential spending

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According to a recent survey by Credit Karma, 1 in 3 parents (31%) say they can’t afford back-to-school shopping this year. This highlights the financial strain many families are experiencing, likely due to factors such as inflation, rising costs of living, and economic uncertainty.

The Consumer Discretionary Select Sector SPDR Fund (XLY), which tracks consumer discretionary stocks, is at a 12-year relative low. This sector includes companies that sell non-essential goods and services, such as retail, automobiles, and entertainment. The decline in discretionary stocks suggests that consumers are cutting back on non-essential spending, which aligns with the financial difficulties reported by parents.

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