Really, that’s not news, is it?
The 10th annual "College Explorer Study" indicates close to 16 million students (ages 18-34) entered college classes in the Fall of 2010, an all-time record and up 6% from about 15 million the year before. Their collective $306 billion in buying power is 13% more than roughly $270 billion the previous year.
That’s a lot of zeros.
And, that’s a lot of spending!
A student spends more than $13,000 per year on average, 19% of which is discretionary. That adds up to a substantial $211 per month of discretionary spending.* So, besides books and tuition, they spend on electronics, cosmetics, automotive needs, food, clothing, shoes, apartments, haircuts, carry-out, personal care products… it’s not just about Ramen noodles and energy drinks anymore (although they still like those).
I should know. I have one of those college students living under my roof this summer. She will return to Ball State University next fall as a senior. I like to think I’ve done my part for the economy of Muncie, Indiana these past three years!
But, guess who’s doing “student spending” in greater Valparaiso? Nearly 3500 undergraduate students of Valparaiso University…460 VU law students…250 graduate and international students…4000 Ivy Tech students…4500 Purdue North Central students…not to mention their parents and relatives, the faculty & staff at those schools, and the occasional visiting boyfriend/girlfriend.
Over ten years ago, the Valpo Chamber began publishing the student resource guide or, The U-Guide, as we now call it. This glossy, four-color, 50+ page publication was designed specificially to capture the attention of the student market and make them aware of the goods and services available to them from our chamber member businesses. These guides are placed in student mailboxes or meeting venues at area universities. The U-Guide is also available at www.valpo.edu and www.valparaisochamber.org, so it can be viewed by anyone checking out those websites. Over 4000 are printed, but many more are accessible online.
Check out our 2010 U-Guide!
If you want to cash in on $306 billion in buying power, why not consider reserving advertising space in the chamber’s U-Guide? Chamber members receive discounts and ads begin at just $175. Sales close July 18.
I know it seems like summer vacation just started, but the Fall 2011 semester begins again in just two months!
Danielle Oeding
Vice President, Sales & Marketing
Oeding@valparaisochamber.org
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*Other college student spending stats, per www.stateuniversity.com: The typical college student is in their mid-twenties, either lives at home or on campus, and has a job. Students no longer expect to complete college in 4 consecutive years, and many fluctuate between full-time and part-time study over a period of 5 to 7 years. The older the student, the more money he or she generally has.
Most money comes from work. 75% of students maintain jobs while attending school, earning $645 per month on average. 20% have secured an on-campus job and 42% are spending school breaks working. Parents contribute too, contributing an average of $154 to a student’s monthly income.
