Coventry suffers £47 million losses due to pandemic keeping students away

Nationally, Coventry ranked 19th among the towns and cities that have lost the most money due to students moving out in March.

New research has estimated Coventry lost around £47 million in the past six months due to the coronavirus pandemic keeping students away from the city.

While some Coventrians have been critical of the city’s increasing student population over the years, there’s no doubt they contribute much to the local economy.

Studee, a website that helps connects students and universities, conducted research into the true cost of the pandemic for university towns and cities as students were forced to move off-campus when the country first went into lockdown in March.

Though lockdown has been tough for all areas of the country, the pandemic has been economically catastrophic for those with a large student population.

An estimated £4.6 million was lost by Coventry food takeaways in the past six months, while clothing stores in the city are predicted to have missed out on as much as £5 million worth of sales.

Around £20.5 million that is usually spent by students at national and local supermarkets brands was lost in Coventry alone.

Whether getting to and from campus or taking a taxi on a night out, students spend a huge amount of money getting where they need to go. It is thought that local transport missed out on around £6.7 million worth of student spending over the last six months.

Nationally, Coventry ranked 19th among the towns and cities that have lost the most money due to students moving out, with neighbouring Birmingham ranking sixth with a total predicted loss of student spending of more than £112 million over six months.

The town of Warwick is thought to be amongst the areas of the country to have felt the economic impact from the pandemic the hardest due to having a high rate of students in their population.

Researchers predict Warwick has suffered losses upwards of £40 million from students moving home in March.

Laura Rettie from Studee explained: “Students bring a huge amount of money into the areas they choose to study in – money many towns simply can’t afford to lose.

“Students have recently been blamed for coronavirus outbreaks, but we shouldn’t be using students as scapegoats.

“Sadly for many university towns across the country the economic pain is likely to be felt for many years to come.”