REUTERS/Brendan McDermid/File PhotoBack-to-school sales at U.S. department stores are expected to jump about 25% from last year, as parents splurge on apparel, supplies and electronics for the new academic year when many kids return to classrooms, an industry report showed on Thursday.
Sales at department stores this back-to-school season, which runs mid-July through early-September, are forecast to surge 25.3% from a year earlier, and 9.5% over 2019, according to Mastercard Inc SpendingPulse data.
Total retail sales, excluding auto and gas, are projected to rise 5.5%.
The pandemic pushed department stores, such as Macy's (M.N) and Kohl's (KSS.N), to sell largely online and streamline their businesses at a time they were already facing intense competition and a shift in consumer preference.
On Wednesday, The National Retail Federation raised its growth forecast for 2021 U.S. retail sales as the economy reopens faster than predicted.
Brendan McDermid, Mastercard Steve Sadove
REUTERS, U.S, Mastercard Inc, Mastercard, Apparel, Electronics, National Retail Federation, Thomson
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