According to Student Monitor and Student Watch, which are two organizations that study trends and student spending, the percentage of students who have spent money on course materials in the past six years has fallen between 35 and 39 percent. According to the Association of American Publishers, this decrease in spending can be attributed in part to the availability of affordable, innovative options for students.
Image by AAP
The Student Monitor report showed that student spending on materials in 2019-20 decreased to $413 from nearly $700 in 2010.
Students are saving money with new models like Cengage Unlimited subscriptions. Eric Weil, Student Monitor Managing Partner, said that students can take advantage of new subscriptions that provide unlimited access to digital and print for a flat fee. A subscription model that gives you all you need at a reduced price is the best option for students.
AAP released a video in conjunction with Student Monitor and Student Watch, highlighting the findings of the research.
Data Highlights
Student spending declines:
Students spent $413 on course material during the 2019-20 academic school year, a decrease of 0.5% from the previous year (StudentWatch).
The 2019-20 academic year saw a drop in course material spending to $422, a decrease of 14% from the previous year (Student Monitor).
Growth in digital meets decline in print:
The use of digital materials continues its growth – One in five paid materials this year was a digital unit, compared to one out seven paid materials last. This is a sharp increase in year-over-year (StudentWatch).
Students were open to a variety of options. 48 percent preferred print books, while 21% preferred digital only. This is an increase of 7% over the previous year (StudentWatch).
Decline in used book buying – In 2019-20, 39% of students purchased course materials from used print books, compared with 47% in the previous year (Student Monitor).
Visit us to learn more about how Cengage Unlimited has saved students more than $200 million since its fall 2018 launch.