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.<\/p>\n
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.<\/p>\n
With a student population of 938,000,the group projects that total student spending power sits at R41.1 billion.<\/p>\n
This amounts to an individual student spend per annum of R45,216.<\/p>\n
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.<\/p>\n
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.<\/p>\n
Clothing and shoes claim R5.5 billion of the share, while alcohol gets R3.3 billion and toiletries and cosmetics take R2.1 billion.<\/p>\n
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.<\/p>\n
According to Student Village, the highest value student expenses are cellphones (Samsung, iPhone and Nokia), laptops, PCs and tablets, and premium clothing brands.<\/p>\n
Bank preference<\/strong><\/p>\n <\/strong>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%.<\/p>\n 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%.<\/p>\nOther findings<\/h3>\n
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