How families are surviving the high cost of back-to-school season

The back-to-school bins in Jonelle Wood’s attic have been full since the end of June, with enough paper, pencils and clothing to last her three school-age children into next fall. All for $245.

The stakes are high for retailers: Americans spent a record $37 billion in 2021, according to the National Retail Federation, which expects comparable numbers this year.climbed a healthy 1.1 percent in June, consumer sentiment — as measured by the University of Michigan — hit a record low of 50 that month. Because consumer spending makes up more than two-thirds of the U.S. economy, economists and policymakers are closely watching for any sign of retrenchment and possible recession.

Michelle Cain, the mother of a 9-year-old and 6-year-old twins in a Chicago suburb, is meticulous in her search for bargains. She keeps a spreadsheet of the items her children will need and employs research techniques normally reserved for big-ticket purchases such as a car or an appliance.

Wood, 36, of Oklahoma, has been taking full advantage of the big markdowns. She said she found her 16-year-old son’s favorite pants at Walmart for $1 a piece.Credit card debt surges as inflation pushes Americans to borrow more

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