Social media has an influence on the spending habits of 88% of university students according to a study conducted by UniBank.
The report found that women were much more likely to purchase fashion products through social media with 71% of female respondents reporting that they had made a purchase through a social media platform.
Male respondents did not rank fashion in their top three for social media spending, instead focusing their spending on restaurants, festivals and travel.
Research conducted by the group also found that spending on fashion was heavily influenced by social media with 56% of total respondents saying that their fashion purchases were influenced by social media.
Ease of use for social media shopping proved to be a major factor in sales with 43% of respondents citing the seamlessness of in-platform shopping as an influence on purchases made through social media channels.
UniBank general manager Mike Lanzing said the influence of social media on spending habits was unsurprising due to the nature of the platforms and their exposure amongst university students.
“If you're aged under 25, you're constantly exposed to aspirational lifestyles on social media so it's not surprising to see it has a real impact on students' spending habits.”