Many students are cash-strapped, nowadays. Nevertheless, their purchasing power is very high. Research reveals that 20 million students in the US have a combined disposable income of $417 billion. Moreover, another survey of students’ parents reveals that students now make 70 percent of their purchases themselves. These purchases are often made on credit cards. Therefore, students often have a significantly higher purchasing power.
If you know this, you can utilize it to capture the attention of the 16-24 age demographic. However, it is essential for your product or service to appeal to the lifestyle of the students. Additionally, student ambassadors should be utilized to spread the word about your product or service to their friends and classmates.