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.

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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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