Nearly a month after students started stuffing their lockers again, many retail analysts are calling this year's back-to-school shopping season underwhelming.
Britt Beemer, founder of America's Research Group in South Carolina, went so far as to call it a "retail disaster."
How bad was it? Spending was actually up more than 3 percent through early September, according to Connecticut research firm Customer Growth Partners.
Some analysts were hoping that broader macroeconomic gains, such as in employment and asset prices, signaled that shopping would return to the glory days of spending growth in the 5 to 7 percent range.
But that may be unrealistic in today's more modest growth economy.
"A decade ago, they would have said 3 percent is pretty good," said Marshal Cohen, chief industry analyst at the NPD Group. "Now it's just considered so-so, but the days of higher growth may be behind us."
Cohen said that too many analysts are rushing to judgment. Shopping habits have changed, and many consumers haven't purchased all of their budget items by the end of August. Even though school has been in session for weeks, the season now extends through September. "Consumers are waiting longer to buy because they believe, rightly or wrongly, that the longer they wait, the more the price comes down," he said.
Some retail sectors saw growth in August, including clothing and accessories with a 0.3 percent increase. Old Navy's sales were up 2 percent in August. Buckle and Zumiez were up 0.8 percent and 2 percent, respectively.
