College students cost-conscious, selectively spend
Boston – Nearly 80% of college students describe themselves as “more cost-conscious this year than a year ago.” However, according to a recent back-to-school survey of 1,420 U.S. college students by college marketing agency Fluent, students said they are willing to make an exception to the low-spending rule and anticipate spending “more than they should” in select categories, specifically clothing, technology and dorm room accessories.
Following are key highlights from the survey:
• According to the Fluent survey respondents, the five top items on students’ spending list this year are grounded in the basics (ordered according to ranking): 1) Text books; 2) Transportation: car/bike expenses; 3) Clothing; 4) General school supplies; 5) Computer software.
• When it comes to products they are likely to “spend more than they should,” dorm room decorating scored surprisingly high, shooting up 27 points, again indicating that discretionary spending might be on the rise. The top three categories selected by students were (ordered according to ranking): 1) Clothing – by a wide margin, nearly 70% of students selected this category; 2) Technology (including computers, software and mobile) at 53%; and 3) Dorm Decorating at 30%.
• August remains many college student’s biggest back-to-school shopping month (37%), but nearly an equal number (38%) said they have no fixed start or end date to their shopping; instead, they indicate stocking up throughout the year for what’s needed.
• The top purchasing influences rated as “very important” were: 1) Friends’ recommendations, either one-to-one or via social media (a full 93% of respondents selected this category); 2) Coupons, both online and mobile; and 3) product review sites/blogs, which replaced last year’s third-place influence: in-store test-drives.
• The three purchasing influences rated least important by college students remained virtually the same as in 2013: 1) Online product demos; 2) Pinterest and other visual sharing social channels; and 3) Magazine articles and other editorial pieces.
“The recession has made a strong impression on this generation, so there is an overall cautiousness when it comes to spending,” said Michael Carey, executive VP of Fluent. “They want to make economically smart choices, but at the same time, there are certain items that play heavily into their social capital, such as the right clothing and technology. Consequently, we are seeing a slightly more open attitude to discretionary spending in those categories.”
Home Depot, Yardi partner on digital payment
Atlanta – Customers of real estate management software provider Yardi can now have access to thousands of The Home Depot products either in store or online with a click of a button via the online procurement system offered with Yardi Procure to Pay, a fully automated end-to-end procurement and invoice processing platform. The Yardi Procure to Pay system enables The Home Depot purchase orders and invoices to flow through an automated, customized online approval workflow, giving property owners and managers insight into all purchases and ensuring complete purchasing compliance.
For clients currently using Yardi PayScan, access to The Home Depot catalog is available at no additional cost and no implementation is required. In addition to online purchasing, registered clients can also visit any of The Home Depot’s U.S. locations to make in-store purchases. Those purchases automatically update online purchase orders and are invoiced through Yardi Procure to Pay.
“We are thrilled about our new business relationship with Yardi,” said J.T. Rieves, VP of The Home Depot Pro Business. “Property managers now have a compliant ordering solution with the option of selecting same-day, in-store pickup or even delivery from The Home Depot. The Home Depot will leverage its thousands of U.S. locations, vast distribution network and outside sales team to become a strategic supplier of maintenance, repair and operating supplies and building materials for our very important property management customers.”
Vince Camuto selects Island Pacific enterprise suite
Greenwich, Conn. – Women’s lifestyle brand Vince Camuto will deploy Island Pacific SmartSuite solutions in all Vince Camuto retail stores. Island Pacific’s SmartRetail core merchandising application, part of the Island Pacific SmartSuite of solutions for specialty retailers, will provide Vince Camuto parent company Camuto Group with an integrated end-to-end solution for the company’s headquarters and retail stores.
“Following a rigorous and detailed evaluation of five vendors, we selected Island Pacific SmartSuite as it provides us with a very robust and comprehensive end-to-end solution to support our growth,” said Robert Forte, senior VP, IT, Camuto Group. “It has rich functional applications which will enable us to strategically manage all aspects of our business under the Vince Camuto brand. This is a strategic investment for us as we plan to grow the business significantly over the next few years."