The global back to college market size is expected to reach USD 479.7 billion by 2028, registering a CAGR of 4.2% during the forecast period, according to a new report by Grand View Research, Inc. The market growth is significantly credited to the rising college enrollment and the increasing importance of college and post-graduation education.
Economic improvements in the developing nations facilitate the growth of the back to college market. With economic developments, education institutes are expanding at a significant rate, consumer disposable income is rising and the retail sector is growing. All these improvements and developments increase the accessibility, affordability, and spending on the back to college products, ultimately fueling the growth of the back to the college market.
The global back to college market was affected negligibly for a few months due to the outbreak of COVID-19. However, the majority of the back to college shopping, which is done from June to August was not heavily affected by the covid-19 restrictions. According to the National Retail Federation, in the U.S. spending on back to college products increased. During the forecast period, the market is expected to gain momentum due to the situation returning to the normal opening of colleges by way of offline format.
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.
Back To College Market Report Highlights
- In the global market, Asia Pacific accounted for the largest, more than 35.0% share by revenue, in 2021. Higher population elevated college enrollment, and the strong presence of the market players within the region attributes to the top market share
- The byproduct, the clothing & accessories segment accounted for the highest, around 30.0% revenue share in the global market during 2021. Higher consumer spending on the product is credited to the greater revenue of the market Offline segment accounted for the higher market revenue share. It was more than 50.0% in the global market in 2021. Well and long-established nature of the channel and its widespread presence are the factors credited to the higher market share
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.