(CNBC) — The second-biggest shopping event of the year is shaping up to be not much of an event at all.
As consumers increasingly stock up on back-to-school essentials throughout the year, and simultaneously shift their view as to what constitutes a school item in the first place, a new study has found that parents of children from kindergarten through high school plan to spend $434 on back-to-school items this year—a 20 percent decline.
That includes 39 percent who said they will reuse last year's items instead of buying new, up from 26 percent five years ago.
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These gloomy results echo those released by the National Retail Federation earlier this month, which found that parents with K-12 children would collectively spend $24.9 billion this year. That represents a 6 percent drop.