Related: Retail ETFs Rally on Rising Consumer Sentiment
For this school year, retail shops are expecting a robust shopping season as multinational professional firm Deloitte is forecasting that this year’s back-to-school spending will increase by 2.2 percent to $27.6 billion, with the average spending per household rising to $510 from $501 last year, including $112 on school supplies–up from $104 the previous year.
“Retail stocks have put in an impressive performance in recent months, with the SPDR S&P Retail ETF (XRT) up more than 21% from its early April lows near $43. What’s more, shares of the exchange-traded fund (ETF) topped out at a record high of $52.96 on Aug. 22, thanks to a round of strong retail earnings,” according to Schaeffer’s.
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