CALDWELL COLLEGE STUDENTS CONDUCT STUDY ON ECONOMIC IMPACT OF COLLEGE PURCHASING ON THE CALDWELLS


Students in the Caldwell College Marketing Association have released the results of an economic study that examined the impact of the College community’s purchasing patterns along the Bloomfield Avenue corridor from Rt. 46 to Verona.

The student-run Marketing Association conducted the Economic Impact Survey on the Caldwells during April 2005. The study found the mean dollar value of purchases over the year at $399.83 per person. The study approximated the annual economic impact of Caldwell College on local businesses at $1,381,700. The student’s advisor, Business Professor, Tom Keen, Ph.D. said he is delighted with the students’ work and results. “The students learned valuable lessons in conducting research from developing questionnaires, doing field research and analyzing research,” Keen said.

The quantitative survey looked at the buying patterns of 309 people. Of those 309 respondents, 285 people or 92.2% said they had shopped at businesses on the Bloomfield Avenue Corridor during the past year. Of those 285 people, 87 were resident students, 158 were commuter students, 31 were staff administration and nine were full-time faculty.

When asked where they shopped, 77.9% said they shopped at the grocery store, pizza/sandwich/deli, bank, drug store, gas station, coffee/donut shop, sit down restaurant/diner, department/clothes store, fast food and/or gift/card store.

When asked how often they shopped:
55.1% percent said they shopped weekly
19.6% monthly
16.5% once a semester
8.8% once in the last six months

90.5% said incentives would encourage them to shop. When asked what types of incentives shops should offer, the result was:

45.3% - Special discounts
27.4% - Advertise specials
25.3% - Coupons
2.1% - Other

Keen said the incentives category was an important one to the students. He said, “The students felt that if merchants offered student discounts they would easily find out just how much people from the college spend in town.”

Keen said he believes the results of the survey “are conservative, based on the fact that in certain cohorts we did not speak to large numbers of respondents.” He said the students came to an approximated annual value based on the mean dollar value of purchases and on the number of students, faculty and staff at the college.

The study factored in college expenditures including the Water Department, businesses on the Bloomfield corridor and services purchased (accounting, legal, etc.) from businesses in a 10 mile radius.