23 billion annually
3.5 billion on food
2 billion on socialising
2 billion on non essentials
(of which 1 billion is on clothes alone)
Access To Expendable Cash
There are many sources out there that show just how big the spending power of students is in the UK market, and all sources roughly deliver the same figures.
Overall it’s conceived that students approximately put a massive 23 billion into the economy each year. Of course the bulk of this is spent on accommodation, however it is conceived that students spend approximately 3.5 billion on food, 2 billion on entertainment and socialising and another 2 billion on non essential items (1 billion of this is spent on clothing alone!)
With accommodation, food and clothing top of student expenditure, our own research allowed us to dig a little deeper on their spending habits. Key insights can be found in our Students & Food Survey, Student Accommodation Survey and Students & Fashion Survey reports, where you can find out how much they spend, where they spend it and why.
It is important to remember that students are embarking on a key life changing milestone period where they are seeking out the new, finding their own personal identity and whilst doing so they have access to cash, expendable cash. Students will spend this money year on year, brands need to trigger students motivations to buy in order to get a slice of this huge spend.