Decoding SA Students’ R32-Billion BrandIn Trends
At this year’s Student Spend Report it was revealed that brand ME is taking centre stage with SA’s youth and brands are now wondering how they fit into this framework. With a potential market share of R32-billion, there has to be a way to tap into the youth’s spending power. Right now the best start is understanding that students are hungrier than ever for experiences that elevate, enhance and emancipate who they are and who they wish to become. The rule of exchange is that if it doesn’t serve their purpose, it doesn’t deserve their time.
Cashing In On R32-Billion
According to the SA Student Spend Report 2017, students spend a healthy R2714 per month. This equates to R32-billion being spent nationally within the student arena. The question most often asked is why would students, who complain they do not have money, still spend more than the average South African?
The increased cost of living is evident, particularly within the past two years, which is why the report shows a marginal shift in student expenditure since 2015. While this speaks of the disparity of wealth amongst students and across the country, it also indicates their changing needs within the finer detail.
Tougher economic times has also meant greater prioritization on how students spend their cash, as well as how far they can make it stretch. An increase in day to day expenses, such as, toiletries, cosmetics & hairdressers, food & groceries for home, mobile costs, clothing, accessories and footwear as well as public transport are evident.
They Lose Some, Then Win Some
Despite the global and local financial struggle, the ever-mounting pressure of building an identifiable and recognizable self-image remains paramount to students. With this trend in gratification, students aren’t only buying and creating memories, but making sure to grow their personal goals while they’re at it. Students are almost irrational when spending on themselves and are willing to go without the essentials in order to buy those big ticket items.
Another apparent change in students is that they no longer use brands to define them but rather use them to support their individualism. This leaves a myriad of gaps for brands to get involved in students’ journey.
Brand Me Generation
As their personal brand takes the spotlight, the student spend research shows that students believe they need to look the part to get the part. Looking good could just be the head-start or a foot in the door that they’re hoping for. This is what students have to say about spending on themselves:
It’s clear students are actively purchasing brands that resonate with the life they wish to create for themselves. Afrillennials also seek to buy experiences of their choice and no brand can force itself onto the very decisive “Brand Me” generation.
It is now more important than ever before for brands, that want a slice of the R32-billion student spend, to entrench themselves into student’s lifestyles and ensure that they keep Afrillennials interested.
Find out more about 2017 Student Spend trends by checking out the abridged report here. To get the full unabridged report contact Student Village on 011 885 3918 or email firstname.lastname@example.org.