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Deconstructing the Student Lifestyle and Student Consumers: The Americas
Article | 26 May 2015
Social, hyperactive people, eager to live new experiences.
This is a fitting description of students in the Americas, who must do a
juggling act to buy things and fulfil their desires. It is no easy
task, for most of them still live with the money their parents can
provide and very few manage to get well-paid work. Yet despite
occasional hardship, they remain carefree, because their prime concern
is making the most of their time and enjoying every moment.
Key trends
Socially-oriented;
Few wishes, short of money;
Where does the money come from?
Public versus private institutions.
Commercial opportunities
- Focused
consumption. Despite the great heterogeneity of university students,
their spending priorities remain the same: class materials,
transportation, food and leisure;
- The value of experience. Most
of them have little money for themselves, so students throughout the
Americas favour going out and social activities over material goods;
- Financial inclusion. More and more banks are accepting students without income and giving them accounts and special credits.
Background
Adults
throughout the Americas tend to reminisce happily – and sometimes
wistfully – about their student years. However, except for the few who
come from high-income families, students are forced to be austere
consumers and choose between two given goods or services, even when both
are essential. The main hurdle in Latin America is access to tuition,
especially in the case of secondary education students who head to
university. According to Euromonitor International, the number of
students in Latin America rose by just 1.6% between 2009 and 2014,
despite the extraordinary economic and demographic uptick.
This
figure rises a little more if higher education alone, including
universities, is considered, which expanded 22.4% over the same period.
However, education is still a pressing matter. According to official
statistics published in 2014, out of every hundred Mexican children who
start elementary education, 76 reach secondary education, 48 graduate
from high school, and only 21 complete a degree. According to the OECD,
the average time spent in education in Mexico is 8.8 years, compared to
13.9 years in Norway and 13.3 in Canada. Although countries such as the
USA, Chile, Argentina and Uruguay boast higher figures, the situation of
young people as consumers is delicate. According to the World Bank,
there are 22 million NEETs – young people who do not study or work –
living in Latin America and the Caribbean, limiting their purchasing
possibilities.
Socially-oriented
Friends, experiences
and fun: these are the priorities of almost every student in the
Americas, regardless of country. As adults usually remember, the time
when one studies is “the most glorious and fun” time. That is why going
out to have fun, friendships and romantic relationships and new
experiences are highly appreciated. Even though many of them do not have
much money to spend, they still invest what they have in having fun.
Juan José Burgos, a Civil Engineering student from Colombia’s Javeriana
University, confirms this: “My dad gives me about US$350 a month, and I
spend US$250 of it on going out during the weekend.” A 2013 study from
Universidad La Sabana, also from Colombia, showed that 69% of students
spend more money on rumba, drinks, films and trips than on studying
materials.
Latin Americans may have a very social nature, but
socialising is a very big deal in North America too, although the term
has a different meaning. Whereas Latin Americans believe it is possible
to have “a million friends,” in the words of a popular song, socialising
in Canada and the USA means being admitted to and connecting with an
affinity group. While in college, being part of a fraternity or a
sorority goes beyond inviting a friend to drink a beer and it has its
costs: taking part in organised events, team travel to compete in
tournaments and even dressing according to group fashion is expensive.
Social
life also has a component of saving up, for sharing expenses is an
ever-present habit among students throughout the Americas. In North
America, for instance, it is possible to have free lunches if you are a
member of certain clubs and organisations. “Being a student ambassador
and joining an organisation with lunch meetings could save you about
US$2,500 over your college career” reads a Forbes article. In Latin
America, millions of young people must move to large urban areas where
universities are located. For these people, the challenge of being
independent and leaving the parental home can only be overcome if they
live together in groups of two to four people.
Few wishes, short of money
Most
students have a limited cash flow and although their lifestyle may be
intense, aspirations and consumption desires are usually reduced. They
lack great ambitions regarding food, tending to eat on-the-go, and
mostly cheap and unhealthy food. Sandwiches, hot dogs, tacos and Panini
sandwiches are typical student food choices; they often don’t even sit
down to eat.
As for clothing and footwear, students prefer cheap
clothes and trainers – not just out of need, but also because of a
certain ‘rebel’ attitude that values relationships and feelings over
material things. In Latin America, another important fact is that
clothing is usually shared, especially among women. In the USA and
Canada, brands especially devoted to the segment, usually present in
shopping centres, are becoming more popular. These brands include
Aéropostale, American Eagle Outfitters, Hollister Co., Abercrombie &
Fitch, GAP, Converse and DKNY. Many students ‘customise’ their clothes
using paint and markers.
Concerning financial habits, the
incorporation of young people into the banking system is still limited
and, while they appreciate saving up, few of them can do so. Many North
American students have additional credit cards paid by their parents.
Other initiatives have had even greater success, such as the ISIC
(International Student Identity Card), through which several banks offer
accounts, cards and special discounts to students.
Where does the money come from?
Working
and studying at the same time is an obligation for millions of students
throughout the Americas, yet most of them only start this double
routine towards the end of their tuition years. Where do they get money
from until then? Most university students receive a monthly allowance
from their parents, which is usually increased if they have to move to
another city or country and settle down either alone or with parents or
friends. According to the aforementioned Universidad La Sabana survey,
90.6% of Bogotá’s university students get a monthly allowance from their
parents. In Mexico, where salaries are usually paid fortnightly, so is
‘parent money’. Monthly payments received by students follow the
economic growth curve; thus, they are reduced in times of crisis and
expand in tandem with the improvement of the economy.
Working is
another source of income. But how much time do they actually have to
work? In countries such as Canada, the time window can be pretty narrow;
therefore almost every student works in the summer. According to
statistics from Euromonitor, students in full-time higher education
represented 80% of all students in 2014. In Argentina, where private
tuition has strongly advanced in comparison to public institutions, the
rate already reaches 68.5%. On the other hand, in countries such as the
USA, almost four out of ten students study part-time, thus managing to
add a work routine to their day. Hundreds of thousands of young people
work in the summer, most of them in stores and in the tourism industry,
in order to save for the rest of the year.
Percentage Growth of Student Numbers in Selected Countries: 2009-2014
Source: Euromonitor International from national statistics and United Nations
Public versus private institutions
Studying
in a public or a private institution typically impacts strongly on the
spending levels of any given student. A survey conducted by local paper
Diario Uno in 2014 in the Argentine city of Mendoza found that each
public university student pays at least US$80 monthly for tuition, a sum
that grows fivefold in the case of private institutions. Eating lunch,
transport and studying materials make up the bulk of spending. The
article added that student attitudes and lifestyles are also impacted,
for students of private universities have higher chances of getting a
degree and start working at an earlier age, since their class schedule
is usually well-established and organised by shift – morning, afternoon,
evening. In addition, the duration of tuition tends to be shorter, 5-6
years as compared to 6-7 years in the public university sector.
A
similar study from another Argentinean paper, La Voz, conducted in 2012,
conducted in the city of Córdoba, shared those conclusions: students
from public institutions often share the rent with up to three friends,
use public transport or walk and favour going out to public spaces. On
other hand, students from private colleges usually live in wealthier
areas, regularly use taxis, prefer going out to bars and discos and
spend more on clothing and services. According to the University of
Córdoba, which classifies students in seven categories according to
their living conditions, the monthly expenditure of those who spend the
most are seven times higher than of students in the lowest category.
Such
inequalities in consumption patterns are even more extreme in countries
such as Brazil, Chile and Colombia, where higher education is not free
and young people must work to pay for it or make ends meet with very low
budgets to survive. Due to these hardships, many young people drop out
of college. Entry barriers to higher-education institutions have led
many young people to protest in the streets for budget increases in the
region in recent years. In 2011, Chile’s student protest lasted for
several months and became one of the largest social demonstrations in
decades. In Brazil, massive street demonstrations that took place in
2014 called attention to the subject.
At the other extreme,
high-income families in countries such as the USA, Brazil and Mexico
dedicate tens of thousands of dollars annually to pay for their
children’s education. In these countries, parents usually give presents
to their children such as cars when they reach legal age, and as an
incentive to keep them studying. In Mexico, some students even boast of
US$30,000 sports cars and expensive clothing and throw lavish parties
for dozens of people.
Outlook
The combination of a lack
of access to higher education and Latin America’s economic growth is
boosting study trips abroad. According to a BBC article: “these past
few years, Argentina has become a magnet for young people, especially
Latin Americans, who arrive in the country to study in college”. In
Argentina, visas for foreign students can be easily obtained and public
institutions are also free for newcomers. According to specialist
consultancy firm QS, Buenos Aires is already the best city in Latin
America in which to pursue a degree. The difference in costs and an
attractive cultural scene have already led 60,000 foreign students to
start undergraduate courses in Argentina, most of them being Colombians
and Chileans, according to official statistics. This trend is turning
local universities into regional integration centres and creating
long-lasting links between students from different nations.
For further information please contact Daphne Kasriel-Alexander, Consumer Trends Consultant at Euromonitor International; daphne.kasriel@euromonitor.com
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