Yes, students go to uni to gain a degree. But that’s not all they’re there for…
2.86m students are indulging in the sweet taste of financial freedom. From creating TikTok wishlist hacks and even signing up to exclusive presales – students are eagerly getting ready to part with £1.2 billion during the “festive season”.
So, advertisers, dust yourself off and get ready for shopping szn. Freshers was just the beginning!
What is shopping szn?
Granted, it is definitely early to be looking towards those winter months! Summer is in full swing – and for many, the “most wonderful time of the year” is in the back of their minds. But with 35% of students planning to start their festive shopping in November this year, there really is no time to waste in capturing the wallets of the most generous generation – Gen Z students. They are known to go all out with gifts, spending an average of £828 each.
Kicking off the szn is Black Friday and Cyber Monday (BFCM for short!), two of the biggest sales events of the year. Previously day-long affairs, they’ve now combined into a week-long spending frenzy for those looking to stretch their pennies. Over 67% participate in the sales – that’s 1.5 million student consumers and hundreds of millions of pounds to gain!
But don’t be fooled! This year’s Gen Z shoppers are forecasted to feel a bit apprehensive about what’s on offer and how much money they are willing to spend after last year’s marketing disasters. Misleading deals – we are pointing at you!
So given what we already know about students’ spending power – 91% are affected by the cost of living crisis . They want to get more bang out of their buck! After all, by November students have quite literally wrung the first installment of their Student Loan dry. So please relieve some of their financial pressure!
Students want to see BFCM become more affordable. Special offers like student discounts, free delivery and free gifts with purchase would make them more likely to spend with a brand.
How do students splash the cash?
While not all Gen Z students are the same, one thing they can all agree on is that money matters. Gen Z consumers have an estimated collective annual spending power of £29 billion, and they tend to fork out the most on technology during BFCM, with the average order value reaching £202.87. They also splurge on fashion, with an average order value of £60.44.
You have heard about Gen Z’s festive spending. Now it’s time to connect with them! Get in touch to find out how we can help you win over the 2.86m student community this year!