The stereotype of the broke college student may not be as accurate as everyone thinks. A study released today by polling firm TRU Insight finds that college freshman spend, on average, over $10,000 on discretionary items.
The study, which contrasted spending habits of students who had just completed high school with those of students who had completed their first year of college, found that non-school related spending increased by 260% in freshman year.
Student spending increases coincide with changes in taste for both high-ticket items, such as laptops, and daily purchase items, like shampoo. And despite 91% of surveyed students understanding that they have to be conscientious about spending in order to avoid going into debt, 68% said they are willing to spend more on a brand they view as quality.
In addition to tastes and spending habits college students’ media consumption increases by 30% in their first year and, according to the study, of the platforms available the fastest growing is mobile. Students now spend 11 hours per week, a 120% increase from 2011, consuming media on a mobile device.
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