Economy affects back-to-school shoppers
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Retailers are bracing for a serious cutback in back-to-school spending this year.
University of St. Thomas professor Dave Brennan, a consumer retail expert, says some surveys predict shoppers will cut their spending by one-fourth.
He said that may apply to winter holiday buying as well. However, Brennan said the picture in rural Minnesota is markedly better.
"The main reason for that is the farming economy continues to do well. In fact, most commodities, whether or not they're agricultural or mining or heavy industry-related things are doing exceptionally well," Brennan said.
Brennan said major layoffs are likely in larger cities as business operators try to stay afloat amid big drops in consumer spending.
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