Consumers look poised to hit the stores as they prepare for a return to the classroom, setting up for a strong back-to-school shopping period, Morgan Stanley analysts say in a note. Consumer demand for goods remains resilient, with July retail sales data pointing to solid growth above levels seen in 2022 through 2024, the analysts say, though they expect growth will moderate from last year. Additionally, higher prices likely mean nominal spend will increase year over year across income cohorts, but high-income consumers will likely continue to lead the strength, the analysts say.