Students in Manchester are predicted to spend over £1.1bn over the course of this academic year, while Nottingham will see a total student spend of around £800m.
According to data from the Office for National Statistics (ONS), since 2010 total overall spending is estimated to have increased by £1.4bn. The ONS data also predicts the UK annual spend figure for students will be around £37bn by 2020.
Richard Jenkings, senior consultant at Experian Marketing Services, warned that the rising cost of living is having an impact on student spending, despite the fact that the figure has increased.
“Living costs across the country have shot up, alongside increases in the price of food and leisure activities,” he said.
“This coupled with ever-increasing rent, means that students still have to manage their disposable income carefully.”
Jenkings added that brands must recognise the different spending habits of students, and “plan how to market their services or offers to this demographic in the right way and at the right time”.