Going back to college this fall is on the minds of millions of Americans. Whether it be incoming freshman or returning students, a large amount of expenses is associated with back to school.
College spending is an especially large market at $48.5 billion annually and is only growing. This stunning number puts back to school spending as the second largest spending season of the year, trailing only the winter holiday season. With the average back to college spending per student being $1378, one wonders how the students afford this. The fact is, family and friends love to help their students out. Unfortunately for students on a budget, most businesses do not have an easy way to get relatives in on helping alleviate the costs of school for their customers.
This is where gift registry saves the day. As a $30+ billion annual and growing industry, college gift registry may be relatively unknown but it is certainly not small. The undervalued concept works to boost ecommerce sales for customer’s special occasions by getting family and friends in on the total cost. It is easy to see that this is very valuable to a student customer base.
As of now the largest uses of gift registry are baby showers and weddings, but there are many diverse uses for it. Graduation gifting is the fastest growing use of gift registries and graduation gifting alone accounts for $5.4 billion and growing in sales. Retailers are already taking notice of this industry and are quickly making changes. An example of this is Target’s initiative to cater to college students with a flexible shopping location in Jifiti’s hometown of Columbus, OH.
Several prominent universities have already jumped on board and have seen their sales soar as a result of a fully integrated gift registry platform. This trend may be in its early stages for now but that will not last. Students are starting to learn about the benefits of back to school gift registry and its success. Check out the info graphic below for more information regarding college spending habits.