Student shoppers are motivated by deals and discounts more than any other factor, including friends and family, social media and email marketing.
The VoucherCodes.co.uk Student Value Report 2022 reveals that discounts and deals inspire almost half of students in the UK to shop with a brand (48%). This is followed by other motivators including friends and family (41%), Instagram (23%), social media advertising (22%) and TikTok (18%).
With inflation and living costs rising at record rates, current students are on the lookout for opportunities to save money, with 83% saying they always or often check for discounts before shopping online, and almost half of students saying they are looking for discounts more than ever due to the cost-of-living crisis (47%).
According to the data, half of students now have less disposable income to spend on treats and luxuries (49%), and 17% of students have stopped buying treats and luxuries altogether, so it’s understandable that those studying are looking for ways to make their limited budgets go further.
Despite making cutbacks, over one-third of students are worried about being able to afford rent and bills because of the cost-of-living crisis (36%).
As well as looking for discounts to save money during the cost-of-living crisis, students are also looking for cheaper grocery alternatives at the supermarket (47%), and are cutting down on entertainment and going out costs (38%).
Students are also seeking out employment to make extra money, with one in five students saying they have had to get a part-time job to cover living costs (18%) and 17% of students saying they have had to pick up extra hours at work.
Angus Drummond, Senior Director, Commercials, at VoucherCodes.co.uk comments, “With the cost-of-living crisis causing prices to rise at record rates and inflation expected to to hit 18% by January1, more than ever, students are looking for ways to cut costs and save money. It’s therefore unsurprising that brands offering student discounts and deals are catching the eye of students and encouraging them to shop with them.
“During the cost-of-living crisis, retailers should show their student customers that they care about their wellbeing and are mindful of students’ limited budgets in order to maintain customer loyalty. Offering a competitive student discount can be the deciding factor between a student shopping with one brand over another, and added financial incentives such as free delivery, and loyalty rewards can ensure repeat transactions.”