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Will surge in COVID-19 delta variant cases threaten back-to-school sales?
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The delta variant of COVID-19 could damper back-to-school spending, further posing a threat to the nation's economic recovery.
The National Retail Federation (NRF), the nation’s largest retail trade group, estimated in July that back-to-school and back-to-college spending will reach a record-breaking $108 billion as an increasing number of students and families prepare for in-person instruction this fall.
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The NRF maintains a positive but cautious outlook due to the fact that the delta variant has led to a sharp increase in cases and hospitalizations and forced many companies to delay reopening plans.
"While we are optimistic about improved macroeconomic conditions during 2021 as more people get vaccinated, the delta variant is of concern because of its increased transmissibility and the potential to hinder economic activity," Katherine Cullen, the NRF's senior director of industry and consumer insights, told FOX Business.