On Campus Research, a product of the National Association of College Stores, recently published some interesting shopping data. It so happens, students are having to shop harder and stretch their budgets further than ever.
According to the article, “57.2% of you admitted that you’re buying more store brands or generic products and 75.3% are doing more comparative shopping before making a purchase. Almost 83% of students said they’re shopping for deals and sales more often this year.”
With that said, there were plenty of students planning on showing up for classes in trendy new clothes and shoes. The apartment and dorm decoration business is alive and well also. “Electronics and computer-related goodies were on the back-to-class shopping lists of 55.4% students. Almost a quarter of student respondents are budgeting more than $200 for new electronics.”
The biggest factors that influenced a college students’ decision to try new products was a reasonable price, followed closely by experience with a particular brand, according to the On Campus Research article.
According to College and University Blog, “A Look at the Spending Habits of College Students” by Gayla Martindale, only 43% of college students are the traditional full time 18 -21 year olds. “The typical college student is in their mid-twenties, either lives at home or on campus, and has a job. Students no longer expect to complete college in 4 consecutive years, and many fluctuate between full-time and part-time study over a period of 5 to 7 years. The older the student, the more money he or she generally has.”
Martindale wrote “College students spend most of their discretionary income on food. Students spend more than $11 billion a year on snacks and beverages. Even students who live in the dorms and have meal plans spend a lot of money eating out. You can spend hundreds of dollars on coffee each semester. Utilizing your meal plan and cooking your own meals can save a great deal of money.” “Each year, American college students spend $5.5 billion on alcohol” One of the largest sources of funding these purchases are the one to three credit cards students are packing around.
Other outside factors effecting students’ shopping habits are their “perception of debt” which encompasses how much money they actually have, how much money they actually owe, how much they really spend and how much they think they spend. Anyone who writes down every single transaction or a recap of expenditures everyday are always surprised where their money goes. Try it for a while, you might find yourself a better budgeter and more discrete shopper.
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