Students to spend 3.26 billion pounds before arriving at university

New research from UniDays, the world’s leading Student Affinity Network, has revealed that students are set to spend approximately 3.26 billion pounds ahead of arriving at university this autumn, including 252 million pounds on fashion and 136 million pounds on beauty.

According to the ‘Back to Campus’ report, there will be a clear increase in expenditure compared to the total from 2021, which stood at 2.7 billion pounds, down from 2.8 billion in 2020. With students intending to spend 19 percent more this year than in 2021, a sign that pre-university bills are rising rapidly, adds UniDays.

On average, each student will spend approximately 1,027 pounds ahead of the new year, and spending among freshers will be 18 percent higher than returning students, with those going into their first year of university set to spend 1,215 pounds on average.

Household goods (65 percent) and fashion/school supplies (64 percent) are among the most needed items for Gen Z, with Asos, Primark, Zara, Nike and New Look the most popular clothing retailers for students. While 50 percent of students said they will also be purchasing cosmetics and beauty items.

When it comes to factors that most significantly influence student purchasing choices, price and quality are the top factors across all categories. However, UniDays adds that students also have a keen eye for a bargain, with discounts and promotions being a key influence on their purchase decisions.

Alex Gallagher, chief strategy officer at UniDays, said in a statement: “Amidst the cost-of-living crisis, Gen Z students are facing significantly increased costs to prepare for the year of study ahead. 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.”