Welcome!

News Feed Item

2014 BMO Back to School Survey: Upwards of 2 Million Post-Secondary Students Planning to Spend an Average of $1,121

- One of the busiest shopping periods of the year

TORONTO, ONTARIO -- (Marketwired) -- 08/18/14 -- According to the inaugural BMO Post-Secondary Student Survey, university and college students expect to spend, on average, $1,121 this year on back-to-school purchases.

The survey, conducted by Pollara, also revealed which, if any, of the following products post-secondary students say they will need to purchase before the start of the 2014 semester:


--  Nearly all students will be purchasing textbooks (88 per cent);
--  More than half (58 per cent) will be buying new clothes;
--  Two-fifths (41 per cent) plan to make a technology purchase, mostly in
    the form of computers (38 per cent) rather than mobile devices (7 per
    cent); and
--  One-fifth (20 per cent) intend to purchase furniture.

"With the back-to-school season in full-swing, many retailers that sell back-to-school supplies can expect to see a boost to their bottom line, as Canadian post-secondary students are expected to spend a significant amount of money before the start of the fall semester," said Paul Kyte, Vice President, Commercial Banking, BMO Bank of Montreal. "Retailers that offer loyalty or rewards programs could reap the rewards of post-secondary students looking to make the most of their budget."

"Back-to-school shopping is among the most important and highest profile seasons for Canadian retailers. Total retail sales are expected to climb 3.5 per cent to 4 per cent year over year in 2014, with a similar gain anticipated for the back-to-school season," said Benjamin Reitzes, Senior Economist, BMO Capital Markets. "The importance of attaining a post-secondary education has increased consistently over the past few decades, with about two million students creating a growing market for retailers. This trend is expected to continue as the focus on higher education will only sharpen in the years ahead."

Regional Differences

The survey also found pronounced regional differences when it came to the amount of money post-secondary students expect to spend on back-to-school supplies:


--  Albertans expect to spend the most ($1,236), followed by Ontario post-
    secondary students ($1,204)
--  Those in the Prairies expect to spend the least on supplies for the
    start of school ($857)
--  University and college students in Atlantic Canada and British Columbia
    are the most likely to buy new clothes (60 per cent); those in the
    Prairies are the least likely (48 per cent)

Few Students Relying on Family for Financial Assistance

The BMO Post-Secondary Student Survey also asked post-secondary students how they will be paying for products required for the school year:


--  One-third (34 per cent) will pay for back to school expenses using loans
    or scholarships;
--  One-quarter (27 per cent) will pay using credit, with the intent to pay
    back later; and
--  Thirty per cent will have the assistance of family or friends.

2014 Back-to-School Prices(i)


----------------------------------------------------------------------------
Category                                              Approximate Total Cost
----------------------------------------------------------------------------
Textbooks / supplies
Textbooks, pens/pencils, paper, sticky notes,
 highlighters, notebooks, organizer and binders    $800 - $1200 per semester
----------------------------------------------------------------------------
Clothes
Pair of jeans, 2 shirts, a sweater, pair of
 running shoes and 3 pairs of socks and
 undergarments                                                  $300 to $500
----------------------------------------------------------------------------
Total Back-to-School Budget:                                   $1100 - $1700
----------------------------------------------------------------------------
Additional Item: Technology
Computer or computer accessories; tablets                      $1000 - $1600
----------------------------------------------------------------------------
Additional Item: Furniture
Chair, desk and a single-bed                                    $200 - $1000
----------------------------------------------------------------------------
Total Back-to-School Budget (with additional
 items):                                                       $1200 - $2600
----------------------------------------------------------------------------

(i)Based on an internet sampling of major retailers' current sale prices for back-to-school supplies

The Pollara online survey was completed between August 1st and August 8th, 2014, with a sample of 600 Canadian post-secondary students. A probability sample of this size would yield results accurate to +/- 4.0 per cent, 19 times out of 20.

About BMO Financial Group

Established in 1817 as Bank of Montreal, BMO Financial Group is a highly diversified financial services organization based in North America. The bank offers a broad range of retail banking, wealth management and investment banking products and services to more than 12 million customers. BMO Financial Group had total assets of $582 billion and more than 45,500 employees at April 30, 2014.

More Stories By Marketwired .

Copyright © 2009 Marketwired. All rights reserved. All the news releases provided by Marketwired are copyrighted. Any forms of copying other than an individual user's personal reference without express written permission is prohibited. Further distribution of these materials is strictly forbidden, including but not limited to, posting, emailing, faxing, archiving in a public database, redistributing via a computer network or in a printed form.

Latest Stories
More and more companies are looking to microservices as an architectural pattern for breaking apart applications into more manageable pieces so that agile teams can deliver new features quicker and more effectively. What this pattern has done more than anything to date is spark organizational transformations, setting the foundation for future application development. In practice, however, there are a number of considerations to make that go beyond simply “build, ship, and run,” which changes ho...
"My role is working with customers, helping them go through this digital transformation. I spend a lot of time talking to banks, big industries, manufacturers working through how they are integrating and transforming their IT platforms and moving them forward," explained William Morrish, General Manager Product Sales at Interoute, in this SYS-CON.tv interview at 18th Cloud Expo, held June 7-9, 2016, at the Javits Center in New York City, NY.
Kubernetes is a new and revolutionary open-sourced system for managing containers across multiple hosts in a cluster. Ansible is a simple IT automation tool for just about any requirement for reproducible environments. In his session at @DevOpsSummit at 18th Cloud Expo, Patrick Galbraith, a principal engineer at HPE, discussed how to build a fully functional Kubernetes cluster on a number of virtual machines or bare-metal hosts. Also included will be a brief demonstration of running a Galera M...
According to Forrester Research, every business will become either a digital predator or digital prey by 2020. To avoid demise, organizations must rapidly create new sources of value in their end-to-end customer experiences. True digital predators also must break down information and process silos and extend digital transformation initiatives to empower employees with the digital resources needed to win, serve, and retain customers.
As ridesharing competitors and enhanced services increase, notable changes are occurring in the transportation model. Despite the cost-effective means and flexibility of ridesharing, both drivers and users will need to be aware of the connected environment and how it will impact the ridesharing experience. In his session at @ThingsExpo, Timothy Evavold, Executive Director Automotive at Covisint, will discuss key challenges and solutions to powering a ride sharing and/or multimodal model in the a...
If you’re responsible for an application that depends on the data or functionality of various IoT endpoints – either sensors or devices – your brand reputation depends on the security, reliability, and compliance of its many integrated parts. If your application fails to deliver the expected business results, your customers and partners won't care if that failure stems from the code you developed or from a component that you integrated. What can you do to ensure that the endpoints work as expect...
In this strange new world where more and more power is drawn from business technology, companies are effectively straddling two paths on the road to innovation and transformation into digital enterprises. The first path is the heritage trail – with “legacy” technology forming the background. Here, extant technologies are transformed by core IT teams to provide more API-driven approaches. Legacy systems can restrict companies that are transitioning into digital enterprises. To truly become a lea...
IoT is fundamentally transforming the auto industry, turning the vehicle into a hub for connected services, including safety, infotainment and usage-based insurance. Auto manufacturers – and businesses across all verticals – have built an entire ecosystem around the Connected Car, creating new customer touch points and revenue streams. In his session at @ThingsExpo, Macario Namie, Head of IoT Strategy at Cisco Jasper, will share real-world examples of how IoT transforms the car from a static p...
Cloud computing is being adopted in one form or another by 94% of enterprises today. Tens of billions of new devices are being connected to The Internet of Things. And Big Data is driving this bus. An exponential increase is expected in the amount of information being processed, managed, analyzed, and acted upon by enterprise IT. This amazing is not part of some distant future - it is happening today. One report shows a 650% increase in enterprise data by 2020. Other estimates are even higher....
From wearable activity trackers to fantasy e-sports, data and technology are transforming the way athletes train for the game and fans engage with their teams. In his session at @ThingsExpo, will present key data findings from leading sports organizations San Francisco 49ers, Orlando Magic NBA team. By utilizing data analytics these sports orgs have recognized new revenue streams, doubled its fan base and streamlined costs at its stadiums. John Paul is the CEO and Founder of VenueNext. Prior ...
One of biggest questions about Big Data is “How do we harness all that information for business use quickly and effectively?” Geographic Information Systems (GIS) or spatial technology is about more than making maps, but adding critical context and meaning to data of all types, coming from all different channels – even sensors. In his session at @ThingsExpo, William (Bill) Meehan, director of utility solutions for Esri, will take a closer look at the current state of spatial technology and ar...
The Internet of Things can drive efficiency for airlines and airports. In their session at @ThingsExpo, Shyam Varan Nath, Principal Architect with GE, and Sudip Majumder, senior director of development at Oracle, will discuss the technical details of the connected airline baggage and related social media solutions. These IoT applications will enhance travelers' journey experience and drive efficiency for the airlines and the airports. The session will include a working demo and a technical d...
What happens when the different parts of a vehicle become smarter than the vehicle itself? As we move toward the era of smart everything, hundreds of entities in a vehicle that communicate with each other, the vehicle and external systems create a need for identity orchestration so that all entities work as a conglomerate. Much like an orchestra without a conductor, without the ability to secure, control, and connect the link between a vehicle’s head unit, devices, and systems and to manage the ...
Businesses are struggling to manage the information flow and interactions between all of these new devices and things jumping on their network, and the apps and IT systems they control. The data businesses gather is only helpful if they can do something with it. In his session at @ThingsExpo, Chris Witeck, Principal Technology Strategist at Citrix, will discuss how different the impact of IoT will be for large businesses, expanding how IoT will allow large organizations to make their legacy ap...
The many IoT deployments around the world are busy integrating smart devices and sensors into their enterprise IT infrastructures. Yet all of this technology – and there are an amazing number of choices – is of no use without the software to gather, communicate, and analyze the new data flows. Without software, there is no IT. In this power panel at @ThingsExpo, moderated by Conference Chair Roger Strukhoff, panelists will look at the protocols that communicate data and the emerging data analy...