Tech

Student demand for technology has been hit by the cost of living crisis

It could be an increase in investment in UK edtech in contrast to a global trendbut this does not mean that demand is insensitive to the cost of living crisis, according to a new survey by UNiDAYS.

The Student Affinity Network found that the number of UK students buying tablets independently fell by 10% from 2020 to 2022, even as higher education took its step towards distance learning.

Although they preferred to buy tech items outright and on their own, many have turned to their families for assistance or have opted for monthly installments. Forty percent of respondents said they now depend on parental support and loans as their main source of income.

Perhaps surprisingly, given its reputation as a tech savvy, Generation Z now spends less time researching products before making purchases. Since 2020, the percentage of demographic search products on YouTube has decreased by 7%.

Fostering affinity with Generation Z, a generation with an annual global spending power of $ 200 billion, is critical for brands in the current climate: Alex Gallagher, UNiDAYS

However, the cost of living crisis has seen students make prudent decisions when it comes to cost issues. It turned out that 40% were actively looking for deals or discounts, while nearly a third (29%) were sure to wait for a discount before making a purchase.

This, suggested Alex Gallagher, UNiDAYS chief strategy officer, underscored the profitable potential for companies incorporating a year-round pricing strategy, as well as building brand affinity with Gen Z.

“Driving affinity with Gen Z, a generation with an annual global spending power of $ 200 billion, is critical for brands in the current climate, especially considering 60% of Gen Z admitted brand loyalty it has changed since the beginning of the pandemic, “he said.

“Despite the decrease in student spending on non-essential items, there is a clear opportunity for brands to resonate with Generation Z by adopting the right pricing strategy. Generation Z is connecting with brands that offer discounts and deals on their tech products. Brands that take the right pricing approach will grab the attention of this savvy demographic, as well as the Alpha Generation in a similar financial situation. “

Student demand for technology has been hit by the cost of living crisis

Source link Student demand for technology has been hit by the cost of living crisis

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