Having come of age during the Great Recession, many of today’s college students consider themselves need-based shoppers and “savers” rather than “spenders.” They’ll only go into a store when they need something specific.
According to TRU Youth Monitor, almost two-thirds of millennials say they shop around for the best price. However, more than a quarter (27%) of students identify themselves as “loyal” shoppers who tend to shop the same stores and stay with brands they like.
Even so, 20% say they tend to pull the trigger on a purchase only when an item is marked down or on sale. According to the National Retail Federation, about 70% of college students and their families
indicated the economy remains a contributing factor in how, where, when, and why they shop for college-related items.
Tuition, fees, and course materials aside, living expenses for college students—including rent, cellphone bills, and utilities—average $697 per month.
Although the majority of students now work during the academic year, many rely on a jigsaw puzzle of additional financial sources to help them meet expenses. Only 19% of those attending a public institution receive income from scholarships, compared to 51% of students at private institutions.