The Affect of Financial Situations on Again-to-Faculty Purchasing

Each month,  ScholarshipOwl conducts a survey to develop larger understanding about what Gen Z college students care about. In July, we requested college students concerning the impression of the present financial situations on their plans for the back-to-school purchasing season. Sadly, our outcomes present that the overwhelming majority (82%) of respondents are involved that they received’t have sufficient funds to afford back-to-school requirements. 

Who participated within the survey?

In July 2023, ScholarshipOwl surveyed over 10,500 highschool and school college students on the ScholarshipOwl scholarship platform to study extra about their back-to-school purchasing plans. We had been significantly thinking about discovering out if the present financial situations had been stopping them from buying every thing they would wish to start the college yr. A complete of 10,548 college students responded to the survey.

Among the many respondents, 65% had been feminine, 33% had been male, and 1% recognized themselves as different. Almost half (42%) had been Caucasian, 26% had been Black, 18% had been Hispanic/Latino, 7% had been Asian/Pacific Islander and 6% recognized as different.

Almost one-third (30%) of the respondents had been highschool college students, with the overwhelming majority highschool seniors; nicely over half (59%) had been school undergraduate college students, primarily school freshmen and school sophomores; 8% had been graduate college students and three% recognized themselves as grownup/non-traditional college students.

Survey questions

The primary survey query was “It’s time for back-to-school purchasing! Have financial situations affected your capability to afford back-to-school requirements?” We discovered that sadly, the overwhelming majority (82%) of all college students surveyed responded “sure,” that the present financial situations have adversely impacted their capability to buy the issues they want for the approaching college yr.

We then requested, “What would you want to purchase on your back-to-school wants? Test all that apply.”

Most respondents chosen a number of choices from the checklist. Maybe unsurprisingly, the overwhelming majority of scholars (88%) indicated that they plan to buy textbooks/supplies for courses, with practically as many (79%) stating that they are going to buy college provides, comparable to a backpack, pens/pencils, calculator, and so forth. A big proportion (70%) plan to buy expertise merchandise, comparable to a brand new laptop computer, pill, wi-fi earbuds, printer, recreation system, new telephone, and so forth. Almost one-third (31%) are trying ahead to buying decor for his or her residing house, comparable to bedding, bins/organizers, wall decor, and so forth. A couple of-quarter (28%) plan to buy vogue/clothes to begin the brand new college yr. Magnificence merchandise and well being & health attire and tools had been additionally in style decisions amongst practically one-quarter of the respondents (24% and 23%, respectively). 

For the ultimate survey query, we requested college students, “Choose the merchandise/manufacturers that you simply’ll seemingly store for as you put together to return to high school. Test all that apply.” Most respondents chosen a number of manufacturers from the checklist. 

Expertise manufacturers

The expertise model with the best curiosity (62%) was Apple, adopted by Dell (30%), Samsung (18%) and HP (16%). 

Well being & health manufacturers

The most well-liked well being & health model was Nike (35%), adopted by Below Armour (14%), Lululemon (9%), Fabletics (8%), and CHAARG (1%).

Trend manufacturers

The most well-liked vogue model was 5 Under (31%), adopted by SHEIN (22%), H&M (20%), City Outfitters (10%), ZARA (7%), Figs Scrubs (3%).

Residing house / decor manufacturers

The most well-liked residing house/decor model was IKEA (23%), adopted by Dormify (12%)

Magnificence manufacturers

The most well-liked magnificence model was Ulta Magnificence, chosen by 14%, adopted by Sephora (10%) and Fenty by Rihanna (5%). 

Key takeaways for Gen Z college students

The survey outcomes point out that Gen Z college students are trying ahead to the normal back-to-school purchasing season, and are conscious of manufacturers that attraction to them. Nevertheless, regardless of their curiosity in shopping for back-to-school requirements, college students are involved about their capability to afford the merchandise they’ll want.

Manufacturers may be the answer

The ScholarshipOwl for Enterprise platform allows manufacturers to authentically join with Gen Z college students via the creation and launch of scholarship campaigns. As this survey confirms, Gen Z is actively thinking about shopping for merchandise throughout the conventional back-to-school purchasing season; nevertheless, the present financial situations could impression the quantity they can spend. 

Manufacturers may also help by launching scholarship campaigns on the ScholarshipOwl for Enterprise platform. By way of this platform, manufacturers can create and launch scholarship campaigns, and promote them to the thousands and thousands of scholars who apply for scholarships on the ScholarshipOwl platform. This advantages each college students and types, enabling companies to construct relationships with Gen Z in help of their advertising and communication objectives.

To seek out out extra about creating and launching a scholarship marketing campaign, go to enterprise.scholarshipowl.com.