Local businesses in Salford can expect a hike in revenue from the influx of new students to the region’s universities, according to new figures released by Experian.
Freshers, or first-year students, bring an average of £1,000 of disposable income to their new home, and the research predicts that overall spending for this group will be just over £30bn for 2015.
Richard Jenkings, Senior Consultant at Experian, said: “Student spending power has improved considerably in recent years and is set to increase a further seven billion pounds by 2020.
“This is a phenomenal amount and shows the impact this demographic has on local businesses and services in towns across the UK.”
But a rising cost of living with increased rents mean local firms should engage the new population with relevant promotions, says Jenkins.
“Understanding student spending habits and how they access information on a daily basis is vital for retailers – and consumer brands in particular.”
Experian also revealed that students’ preferred method of interaction is via social media; students are 1.7 times more likely than the UK average to log into Facebook on a daily basis and 2.5 times more likely than the average to check Twitter every day.
Main image – Salford University Freshers © Harrison Phair
