Back To College Industry Overview
The global back to college market size was valued at USD 358.6 billion in 2021 and is expected to expand at a compound annual growth rate (CAGR) of 4.2% from 2022 to 2028.
The development of the market is driven by the increasing enrollment within the college and rising interest in pursuing higher education. Growing college / educational institutions, their expansion and continually increasing investments in infrastructure are the factors, that positively impact the college enrollments, subsequently fueling the market growth. Enlargement of the market is furthermore facilitated by the improvements and developments in the retail industry during the forecast period.
Gather more insights about the market drivers, restrains and growth of the Global Back To College Market
The outbreak of COVID–19 impacted the sales of college products and services during the first few months, however, didn’t affect the annual sales. Following the declaration of the pandemic, impacted nations imposed total lockdown, resulting in the closure of colleges. Classes were transferred to the online model, which resulted in a drop in the sale of back-to-college supplies.
According to the National Retail Federation, in 2021 families spent USD 141.0 more compared to in 2020, per household on college products and supplies. The market is expected to experience healthy and steady growth, during the forecast period, as colleges are reopening to offline mode of learning in the feat of restoration of normalcy.
As enrollment in graduate and post-graduate colleges is increasing, market growth is facilitated by the increasing spending on college supplies. The importance of post-school education is rising all over the world since this plays a significant role in career and employment. For instance, according to European Higher Education Area key data, the number of students is continuously rising, between 2000 and 2017, there was a 90.0% increase in the total enrollment.
Market growth is restrained by the declining demand for stationery supplies, such as writing supplies. Consumers as well as the classrooms are becoming techno-savvy. Due to the rising trend of smart classrooms, the use of electronic gadgets is increasing. The rising use of electronic devices is subsequently declining the demand for stationery supplies and hinders market growth.
Additionally, colleges in the developed countries are increasingly implementing the trend of recycling, reusing, reduce, with an aim to help lessen the environmental burden. The rising trend is anticipated to affect the growth of the market during the forecast period. For instance, in the U.S. many colleges and universities are implementing programs and focusing on sustainable green campuses. This is carried out by recycling electronic waste, organizing thrift stores, etc.
Increasing consumer preference for comfort and convenience is boosting the demand for online channels as consumers tend to spend more time on electronic gadgets and do shopping. The online distribution channel is expected to present promising opportunities for the key players in the global market. The number of users for social networking sites plus other informational and surfing websites has risen as internet penetration is much higher.
Additionally, Gen z is going to be the main customer of the back to college market during the forecast period which spends most of the time on smartphones and other devices. To attract potential customers, key players are focusing on extensive marketing on social media platforms, personalized enticing offers, data-driven insight, etc.
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Market Share Insights
- July 2018: Acco Brands Corp. acquired GOBA International. With this acquisition, the company aimed to increase its presence in Central America and enhanced its competitive position.
Key Companies profiled:
Some prominent players in the global back to college market include
- The ODP Corporation
- com, Inc.
- Acco Brands Corporation
- Staples Inc.
- Apple Inc.
- HP Inc.
- Faber Castell AG
- Newell Brands Inc.
- ITC Ltd.
- Mitsubishi Pencil Co. Ltd.
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