Canterbury students responsible for 28% of TOTAL spend in the city, says latest report
PUBLISHED: 12:07 02 October 2017 | UPDATED: 12:10 02 October 2017
That’s the equivalent of some £252m ploughed into the local economy
Students in Canterbury are contributing 28 per cent of total residential spend in the city, according to the latest figures.
As universities began their new terms last month, data from Experian revealed the enormous boost they provide to local economies.
In Canterbury - which has both the University of Kent and Canterbury Christ Church University campuses headquartered there - student spend of £252m equates to 28 per cent of the total £538m spent.
In total, students are set to boost spend in university towns across the UK by £22bn this academic year. On average, this equates to a potential increase in spend of almost 20 per cent per location.
However, falling student numbers resulting from rising tuition fees could reduce student spend. Experian’s last Uniland study in 2015 estimated a contribution of £30bn to the UK economy from student spend, pointing to a decrease of approximately £8bn in the last two years.
Richard Jenkings from Experian comments: “With many High Street businesses battling to survive in the face of rent hikes, growing online competition and unstable consumer spend, this data shows that the student pound is still of great importance to the prosperity of towns and cities with universities across the UK, even though its value has fallen recently.
“All those involved in urban re-generation, including town planners, property developers, retailers, cinemas and food and drink outlets, can use the power of data to better understand and target local demographics to ensure that all possible income sources find their way to the local economy.”