Back-to-school spending set for first decline in nine years because of inflation, report says
July 13, 2023
Back-to-school spending in the United States is expected to decline for the first time in nine years as consumers prioritize necessities and reduce nonessential purchases amid sticky inflation, according to a report by Deloitte. The report projects a 10% decrease in spending this year, with the average spend per child dropping to $597 and the overall back-to-school market shrinking from $34.4 billion in 2022 to $31.2 billion. Spending on apparel and technology is set to fall by 14% and 13% respectively, while school supplies are expected to see a 20% increase in spending.
Recent News
Godfather of AI Suggests a Universal Basic Income
Renowned computer scientist Professor Geoffrey Hinton is advocating for urgent governmental intervention amidst rising concerns over AI-induced job displacement and widening inequality. His expert opinion is not to be taken lightly since he is often hailed as the “godfather of artificial intelligence.”
Ducati Honors Ayrton Senna with Limited Edition Monster
As Formula 1 drivers gear up for the Imola circuit this weekend, Ducati has unveiled a special limited edition Monster to honor Ayrton Senna, marking 30 years since his tragic passing on this track. This isn’t just a commemorative piece; Senna had a deep connection with Ducati, having been both a fan and a collaborator with the brand.
Elon Musk in Bali to Launch Starlink Satellite Internet Service
Elon Musk, the visionary entrepreneur behind Tesla and SpaceX, touched down in Indonesia’s picturesque island of Bali on Sunday, embarking on a mission to introduce Starlink satellite internet service to the vast archipelago nation.
Blue Origin Relaunches Space Tourism
Blue Origin made a triumphant return to space tourism with the launch of its New Shepard rocket, marking the end of a nearly two-year hiatus. The NS-25 mission, which took off at 9:36 a.m. CT (10:36 a.m. ET) on Sunday, May 19, from Blue Origin’s private facility in West Texas, was the company’s seventh crewed flight and the first since a failed uncrewed test flight in September 2022.