The number of college students heading back to campus this year is an all-time high of 16.5 million. While these pupils may plan to hit the books, they also plan to hit the stores, spending big and setting trends.
With 78% of students holding down jobs, this group represents more than $175 billion in consumer spending. In 2004, overall spending among college students jumped almost 16%; discretionary spending soared to $14 billion, 24% over 2003, according to the 3rd annual Alloy College Explorer Study.
These students like electronics and say they look for sales. One in six consider themselves early adopters of electronic devices and gadgets; 85% own cell phones; 75% use text messaging and 63% play games with their mobiles. Sixty percent access the Internet via mobile and 36% use the photo capabilities. Sixty-three percent plan to make a technology purchase.
Brand preferences slant toward the socially conscious: 31% said they prefer environmentally safe brands, 26% benevolent brands and 20% brands connected with a cause. Twenty-six percent would spend more on a brand with a “great image.”
Students want everyday people to represent brands and they like a laugh. Most (91%) said word-of-mouth most influences their buying decisions, while 48% cited sampling.
The study was conducted by Harris Interactive online between April 21 and May 2, 2005 among 1,638 U.S. college students aged 18 to 30.
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