School's back in session, but the sales have just begun

The kids are officially back in school and supplies have been bought, but if you're like most families this year, the shopping list was short. Necessities only was the mantra of the day and that's left retailers with excess inventory that needs to be cleared. Welcome to the new back to school sale, one that happens in September when deals used to be few and far between.

Back to school sales results at retailers fell a bit short than what was hoped for, according to MasterCard Spending Pulse, which pulls data from more than just credit card sales, and estimates for purchases made by cash and check. While sales did tick up slightly over last year, they still fell far short of the 2008 back to school season, as reported by the Wall Street Journal. This, coupled with Gallup Poll data that shows consumers are spending roughly the same as last year, indicates our shopping habits are still curtailed.