The return of in-person schooling, consumers with extra cash from child tax credit payments and Tennessee’s annual tax-free holiday have converged to create what retailers hope will be a season of brisk spending.
“We’re definitely seeing traffic return to pre-pandemic levels,” said Stacey Keating, a spokesperson for CBL, the Chattanooga-based owner of more than 60 shopping malls across the nation. “It’s been really positive, and we’re hoping it’s an indicator for the rest of the year and the holidays.”
A study from Deloitte earlier this month predicted back-to-school spending will top $32 billion for K-12 students for the first time in five years. That level of spending would represent a 16% increase from 2020, reaching the highest level in recent years and topping pre-pandemic levels, according to the study.
Retailers at CBL’s Parkway Place Mall in Huntsville, Alabama, reported sales during a tax-free weekend July 16-18 that rivaled Black Friday 2019, with many exceeding their sales goals for the weekend and seeing an increase in average dollar per transaction amount, Keating said.
