Nearly three in 10 (29.1%) parents said they will spend less this year on back-to-school purchases, and nearly 45% of those said it's because they have "less money," according to a Consumer Mind Reader survey conducted by America's Research Group (ARG).

The survey found that other parents said the cause for reducing spending for their children's return to school was “higher debt” (28.6%) and “higher gas prices” (22.7%).

The author of two influential Christian retail market studies, ARG founder Britt Beemer, predicted that back-to-school sales will be extremely soft. "Overall, I expect sales to be down 1.5% compared to last year because parents are only buying what their kids have to have," Beemer said.

According to the survey, about 35% of parents will wait until Labor Day Weekend to complete their back-to-school shopping. Additionally, nearly half (46.9%) will buy only the necessary minimum, supplementing those purchases later during the Christmas shopping season. They will be also seeking bargains, with only 1.5% of parents planning to pay full retail price for their children's clothes and shoes compared to nearly 10% last year.

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