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Strong Back-to-School Shopping Eases Consumer Worries, BofA Says

  • Spending on school items estimated to hit record $111 billion
  • Price-conscious consumers look for deals early in season

The back-to-school shopping season has kicked off strongly, offering some relief amid concerns about US consumer resilience, according to Bank of America Corp.

Spending on school items, including for college, is expected this year to hit a record high of $111 billion, a 1% increase over last year, according to National Retail Federation data cited by Bank of America Institute economists led by Anna Zhou.