Back-to-uni season to see £3.2bn spend, ASOS, Primark to gain – report
The cost-of-living crisis certainly hasn’t by-passed university students. They’re collectively poised to spend around £3.26 billion ahead of the upcoming autumn term, that’s 19% more than a year ago, according to a UniDays report.
On average, each student is forecast to spend around £1,027 ahead of the new college year and rises to £1,215 for newcomers. And while fashion isn’t top of the spending list, students are expected to splash out £252 million on clothing and accessories. ASOS, PrimarkZaraNikeNew Look
The report said cosmetics and beauty items will also see relatively lower spending, with 50% of students looking to purchase them, totalling a potential £136 million.
When it comes to factors that most significantly influence student purchasing choices, the report cites price and quality as the top factors across all categories.
“However, it’s clear that students also have a keen eye for a bargain, with discounts and promotions being a key influence on their purchase decisions”.
This year’s overall spend compares to £2.7 billion in 2021 and £2.8 billion in 2020, “a sign that pre-university bills are rising rapidly”.
The largest number of students (65%) plan to spend money on grocery and household goods adding up to £281million, a quarter of the whopping £1.04 billion forecast to be spent by 38% of students on computers and hardware.
Alex Gallagher, Chief Strategy Officer at UniDays, said: “With shopping habits shifting in light of rising prices, brands must seize the opportunity to drive affinity with Gen Z. To do this it’s crucial that brands adjust their offering – adopting a strong pricing strategy which will help them to better resonate with the Gen Z audience priorities and values during the current economic climate.”
