Gen Z students remain worried about the cost of living but their concerns could be easing and they continue to devote spend to fashion.
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That’s according to data from UniDays’ Student Insights Report that sheds light on student sentiment towards their money, spending habits and shopping priorities.
The report said 59% of students are concerned about the cost of living, although that seems like a positive as it’s down from the 68% who said the same a year ago.
The study also said that for an average student in the UK, their monthly disposable income is £182. And according to the data 41% are spending much of this disposable income on fashion and 38% are spending it on travel.
That’s good news for the fashion sector given that plenty of older demographic groups have said fashion is one area they’d cut down on when cash is tight.
UniDays also said that “this is an ambitious group, with one in three students having taken on a side hustle, and 59% of students reselling clothes to make some extra money”. That’s perhaps unsurprising given the rise of apps such as Depop and Vinted and also the massive surge of interest in pre-owned fashion reported by e-tail giants such as eBay.
Alex Gallagher, chief strategy officer of UniDays, said: “Our data confirms that students today are not only resilient but ambitious too. Despite their concerns around the cost of living starting to subside, it remains a big worry for them. Students are increasingly juggling their education with a side hustle to top up their disposable income and are taking practical steps to achieve financial stability.
“As well as being entrepreneurial, this cohort of students are tech savvy. The data shows that alongside spending their disposable income on fashion, travel and fitness, they’re also investing in AI tools to help with their studies.”
