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Back-to-School Bargain Hunters May Dent Revenue at US Retailers

  • Nearly a quarter in survey expect to pull back on spending
  • Most consumers still plan to shop summer holiday sales
Shoppers browse the back to school section in Torrance, California.

Shoppers browse the back to school section in Torrance, California.

Photographer: Patrick T. Fallon/Bloomberg

Skittish consumers hunting for deep discounts -- or just sitting on their wallets -- look likely to hold down revenue for US retailers in the crucial back-to-school shopping season, according to a new survey.

While most shoppers still plan to shop key summer holiday sales like Amazon.com Inc.’s Prime Day, slated to run for 48 hours starting July 12, 24% are planning to pull back on spending this year thanks to a 40-year high in inflation and recessionary fears, Adobe Inc. said in a survey of 1,115 people nationwide released Wednesday.