As the findings of NRF’s recently released survey show, back-to-school and back-to-college spending is expected to be flat this season. “Is flat the new up considering the economy?” asked CNBC anchor Michelle Caruso-Cabrera to NRF President and CEO Matthew Shay this morning during an appearance on the network’s show Squawk Box.
In his response, Shay shares why the retail industry is a good proxy for the overall health of the U.S. economy and how the debate on Capitol Hill over the debt ceiling may be a factor in consumer reluctance to buy. During the segment, Shay also discusses how department stores are making a comeback, how electronics purchases will play out among the college crowd, and when retailers can expect the biggest crowds for the season. Watch the full video below.