South African students are spending more than average citizens, forking out an average of R3,768 per month – with a combined annual spend of R6.1 billion going towards tech and gadgets.
This is according to Student Village’s annual Student Spend survey, which is based on responses from 3,646 students, aged 18-24, across South Africa’s tertiary institutions.
With a student population of 938,000,the group projects that total student spending power sits at R41.1 billion.
This amounts to an individual student spend per annum of R45,216.
In the greater population (52.98 million, according to Stats SA), with an annual spend of R1.3 trillion, students spend more than the average South African, which sits at R25,208.
Student Village projects that students spend a combined R6.1 billion on computer equipment and other gadgets each year, with a bigger portion of the cash – R8.4 billion – going towards food and groceries.
Clothing and shoes claim R5.5 billion of the share, while alcohol gets R3.3 billion and toiletries and cosmetics take R2.1 billion.
The balance of the amount (R15.7 billion) is spent on other necessity categories for students including, amongst others: rent, petrol and motor costs, insurance costs, additional tuition and medical aid.
According to Student Village, the highest value student expenses are cellphones (Samsung, iPhone and Nokia), laptops, PCs and tablets, and premium clothing brands.
Standard bank is the most popular bank for students, with 29% of banked students surveyed banking with them, followed by Absa and FNB at 21%; Capitec at 15%; and Nedbank at 12%.
Standard Bank is also the most popular credit provider, with 28% of students having a credit facility with the bank, followed by Absa at 26%; FNB at 20%; and Nedbank at 17%.
- Women spend more per month than men (R3,919 versus R3,525), though men spend more than women when it comes to computers and gadgets, alcohol and contraceptives.
- Students are still mistrusting of online shopping, with most indicating safety concerns.
- 14% of students are unbanked.
- 33% of students don’t save, while 41% of those who do, save only as much as R250 per month.