UK Students are expecting to splash out £4.5billion ahead of this academic year according to the latest back to campus report* from UNiDAYS, the world’s leading Gen Z affinity network that enables students and graduates to discover savings.
Savvy mindset
As prices soar, UK students will be spending 54% more this year compared to 2022, racking up an average spend of £1,585 per person. As costs increase, students are prioritising discounts, whether it comes to purchasing necessities or personal must-haves. And brands jumping on the opportunity to provide exclusive deals are seeing a surge in student sales. The Fragrance Shop, for instance, experienced a total order revenue increase of 124% after introducing student discounts.
With prices set to rise further, students are strategically planning their shopping sprees ahead of time, with 37% of UK students already browsing for new university supplies in the summer, ahead of the new autumn term. This provides ample opportunity for brands to get ahead of the curve and kick off their back to school deals in the summer and reap the benefits of this forward thinking crowd.
Top student purchases
When it comes to necessities, the tech sector will see the highest student spending, with students expecting to drop £1.5bn on new computers to help with their studies. 34% of all UK students plan to spend an average of £525 on computers and hardware, while half of freshers will be on the hunt to find laptop deals for an average of £380.
With food costs at all-time highs, household and homeware necessities are also top of the agenda. Half of all UK students are budgeting around £83 for weekly groceries, while 65% of all UK students are setting aside around £59 for kitchen essentials as they prepare to eat in!
Finally, as they prepare for the academic year, school supply spending is pencilled in at £168m in the UK, with 65% of students and 77% of freshers budgeting around £59 and £68, respectively, for academic necessities.
Personal shopping
Despite students having less disposable income overall, they are still looking to invest in an array of subscriptions to support their hobbies. 75% of UK students aim to score gym memberships, while 64% are in for music services, half (48%) will lock in TV subscriptions, and 20% will be purchasing online gaming services.
Across all subscriptions, UK students will invest around £381 a year on average. Freshers are proven to be the biggest spenders, as 39% plan on shelling out an average of £383.
Smartphones and tablets are also at the top of the shopping list for this digital-native generation, with 29% of all UK students and 41% of freshers planning to spend £277 and £255 respectively on electronic gadgets.
The rise of showrooming
A generation focused on breaking down stereotypes, this year’s student body are also reinvesting in the high street. With half of students (48%) looking to browse products in person before making a purchase, brands should ensure their in-store experience is just as engaging as their online one. To set themselves up for success, brands must prioritise high street shops and in person discounts as much as they focus on online shoppers.
“The countdown to campus has already started, and with a lot of students planning ahead, now is the best time for companies to catch Gen Z attention and connect with students through exclusive student discounts and engaging shopping experiences both in store and online.” says Alex Gallagher, Chief Strategy Officer at UNiDAYS.
“Despite rising prices, brands can be reassured that students are ready to spend on their back to campus necessities and finding the right price point will be key to differentiating your brand. Unsurprisingly tech essentials are driving student spending; however, the strength of subscription services shows that leisure brands can still drive affinity with students in the year ahead.”
