Students Respond in their Droves to Discount Offers
students return to university for a new academic year, new research finds that student discounts are key to attracting customers, as 79% of students say they have decided to shop with a brand for the first time because they were offered a student discount.
Student Value Report polled
current UK university students to investigate what current students value the most when it comes to shopping and spending. For brands looking to target new student consumers, the report proves the benefits of student offers. In fact, 79% of students say that
they have decided to shop with a brand for the first time because it offered a student discount, with over half saying this has happened on multiple occasions (54%). A further 29% of students even go so far as to say they would be put off purchasing from a
brand who did not offer a student discount.
the vast 87% who admit to checking for a student discount when shopping online, more than half confess that they do so every time they shop (56%), with a further 31% doing so often. When it comes to sourcing discounts, almost two-thirds (62%) of students say
they visit student discount websites, such as VC
students, making it the most common method. An additional
17% find discounts via a google search and over a tenth of students use browser extensions, such as DealFinder
by VoucherCodes (11%).
report also reveals that a third of students consider a student discount the most important thing a brand can offer them (29%). An additional 14% say that they do not consider a purchase good value unless given a discount, and 11% say they only shop at brands
who run regular student discounts.
report also reveals that these discounts are also a useful tool for brands looking to drive their AOV, as one-third of students say they buy more items than they normally would when shopping with a student discount code (33%). For retailers looking to stave
off competition, the report highlights the importance of value for student customers as almost half of students polled said that when purchasing a product from two similar brands, they would opt for the brand offering the student discount (48%).
prove that offering a student discount can also create brand loyalty amongst a student audience, with 29% of students stating they are loyal to a brand who regularly offer student discounts. This loyalty can last beyond graduation with over one fifth of students
(23%) saying they think they will continue to shop with brands who run student discounts once they have finished their studies.
Angus Drummond, Senior Director, Partnerships, Lifestyle Editor at VoucherCodes.co.uk, commented: “These findings from our first Student Value Report truly highlight how much value student consumers place on getting a good deal.
“With over 2.4 million university students currently studying in the UK, the revenue potential for brands who strike a cord with student consumers is extremely high, and it’s clear from our findings that offering students an attractive discount leads not only to sales, but boosts AOV, as well as increasing LTV potential by creating brand loyalty early in the consumer lifespan.
“As students return to university this September for a year that is set to be more normal and less restricted due to Covid, brands looking to make the most of this valuable customer base should consider running a student discount programme to tap into this huge potential.”