Cost-conscious consumers will be taking steps to keep their ​going back to school costs as low as possible, including many shifting to pay cash given the higher interest rates.

Back-to-school spending for K-12 students is expected to decrease by 10% to $597 per student, according to a new report from Deloitte.

In the past two years, parents have seen a 23.7% spike in the cost of school supplies.

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