With freshers’ week due to kick off for many students next week, research from VoucherCodes.co.uk reveals student spending power represents a £2.4bn opportunity for retail and leisure providers.
While students have already spent an average of £1,096.00 each on getting university- ready, the opportunity to take a share of the student pound is far from over. According to the data, every new and returning student will spend a further £1,019.00 over the course of freshers’ week with convenience food, fashion and grocery retailers standing to benefit most.
Excluding spend in bars and restaurants, students will splurge £208.70 on groceries and alcohol they consume at home during the week. Last minute spend on clothing will hit and average of £109.00 per student and an additional £100.49 will go on takeaway breakfast, lunch and dinner over the course of the seven days. For pubs, bars and restaurants in university towns the return of university attendees will provide an average of £306.00 boost per student.
Convenience food retailers will continue to benefit as the university year progresses with students anticipated to spend £425.00 on takeaways per 12-week term.
In the run up to starting university, students and their families will spend £1,096.00 on their back to uni kit with tech, homeware and fashion retailers benefiting most from the student buck. The average student will head back to university with £457.00 worth of tech in the form of new laptops, tablets and mobile handsets to aid with their studies. Kitchen equipment, bedding and accessories to brighten student accommodation will contribute a further £231.00 to the cost. An additional £142.00 will be spent per student on fashion as two thirds reveal they’ll update their wardrobe ahead of the new university year.
Claire Davenport, managing director of VoucherCodes.co.uk, said: “Students have a reputation for being bad with their money and there’s good reason considering the sky high spending our data reveals will take place next week. For retailers it can be easy to miss the opportunity that the student pound represents especially as thoughts turn to implementing Christmas strategies but our data shows back to uni is an occasion that should have a place in retailers’ calendars.”