The impact of colleges and universities on local business 2020:
Connecticut College
Colleges and universities are everywhere. Big cities, small towns, in every corner of the United States, there’s bound to be a degree-offering institution nearby. And, subsequently, a whole lot of students nearby as well.
There are an estimated 18 to 20 million students enrolled in public and private colleges in America today. And in many communities, those students make up a huge portion of the local economy.
In this groundbreaking study, we analyzed data at local businesses in Norwich to see what kind of impact major events during the school year at Connecticut College has on local businesses.
NOTE: You can view other industries by selecting them from the dropdown at the top of each section in this report
The average year at local businesses in Norwich
Select an industry:
Before we examine major school year events like spring break and the college football season, let’s take a look at the year as a whole.
Annual sales at restaurants in Norwich from week-to-week.
| #1 | #2 | #3 | #4 | #5 |
|
7/13/19 |
7/6/19 |
8/31/19 Back to School Labor Day Weekend |
7/5/19 |
8/3/19 |
| Saturday | Saturday | Saturday | Friday | Saturday |
Above are the top five days of the year for Norwich restaurants. This means that on these days, more total dollars were spent at restaurants in Norwich than on any other day of the year.
Before we examine major school year events like spring break and the college football season, let’s take a look at the year as a whole.
Annual sales at lodging places in Norwich from week-to-week.
| #1 | #2 | #3 | #4 | #5 |
|
7/26/19 |
8/9/19 |
8/2/19 |
2/16/19 President's Day Weekend |
8/23/19 |
| Friday | Friday | Friday | Saturday | Friday |
Above are the top five days of the year for Norwich lodging places. This means that on these days, more total dollars were spent at lodging places in Norwich than on any other day of the year.
Before we examine major school year events like spring break and the college football season, let’s take a look at the year as a whole.
Annual sales at retail shops in Norwich from week-to-week.
| #1 | #2 | #3 | #4 | #5 |
|
5/11/19 Mother's Day Weekend |
12/21/19 Weekend before Christmas |
12/23/19 |
12/20/19 Football - Bowl Weekend before Christmas |
11/30/19 Football Small Business Saturday |
| Saturday | Saturday | Monday | Friday | Saturday |
Above are the top five days of the year for Norwich retail shops. This means that on these days, more total dollars were spent at retail shops in Norwich than on any other day of the year.
Spring Break
Select an industry:
As the weather warms up and students get to take the week off, how are local restaurants around Connecticut College impacted by spring break?
Do enough students leave town to see sales dip? Or do sales go up with an influx of vacationing students? We crunched the numbers to find out:
| Avg. revenue: spring break | Avg. transactions: spring break | Avg. ticket price: spring break |
| -14% vs avg day |
-5% vs avg day |
-9% vs avg day |
| +24% vs avg day during March |
+16% vs avg day during March |
+6% vs avg day during March |
During the week of spring break, restaurants in and around Norwich earned 15% less than an average day throughout the year, and 24% more than on an average day during the month of march.
Spring break was the number 41 week of the year for Norwich restaurants. Examine the chart above for a closer look at how much revenue went up or down throughout the week of spring break.
As the weather warms up and students get to take the week off, how are local lodging places around Connecticut College impacted by spring break?
Do enough students leave town to see sales dip? Or do sales go up with an influx of vacationing students? We crunched the numbers to find out:
| Avg. revenue: spring break | Avg. transactions: spring break | Avg. ticket price: spring break |
| -17% vs avg day |
-14% vs avg day |
-4% vs avg day |
| +98% vs avg day during March |
+36% vs avg day during March |
+44% vs avg day during March |
During the week of spring break, lodging places in and around Norwich earned 18% less than an average day throughout the year, and 98% more than on an average day during the month of march.
As the weather warms up and students get to take the week off, how are local retail shops around Connecticut College impacted by spring break?
Do enough students leave town to see sales dip? Or do sales go up with an influx of vacationing students? We crunched the numbers to find out:
| Avg. revenue: spring break | Avg. transactions: spring break | Avg. ticket price: spring break |
| -24% vs avg day |
-17% vs avg day |
-8% vs avg day |
| +26% vs avg day during March |
+21% vs avg day during March |
+4% vs avg day during March |
During the week of spring break, retail shops in and around Norwich earned 24% less than an average day throughout the year, and 26% more than on an average day during the month of march.
March Madness
Select an industry:
March Madness is easily one of the biggest sporting events of the year across the United States. And you’d assume that would go double for college towns.
But does the fervor surrounding the Big Dance translate to big sales numbers for restaurants around Connecticut College?
To find out, we analyzed revenue at restaurants in Norwich on game days for each round of the tournament and compared it to the average revenue those Norwich experienced on similar days of the week during the rest of the year.
Throughout the entire tournamment, on days when games were being played, restaurants earned 14% less than on similar days. Examine the chart above to see how revenue was impacted during each round of the tournament
March Madness is easily one of the biggest sporting events of the year across the United States. And you’d assume that would go double for college towns.
But does the fervor surrounding the Big Dance translate to big sales numbers for lodging places around Connecticut College?
To find out, we analyzed revenue at lodging places in Norwich on game days for each round of the tournament and compared it to the average revenue those Norwich experienced on similar days of the week during the rest of the year.
Throughout the entire tournamment, on days when games were being played, lodging places earned 13% less than on similar days. Examine the chart above to see how revenue was impacted during each round of the tournament
March Madness is easily one of the biggest sporting events of the year across the United States. And you’d assume that would go double for college towns.
But does the fervor surrounding the Big Dance translate to big sales numbers for retail shops around Connecticut College?
To find out, we analyzed revenue at retail shops in Norwich on game days for each round of the tournament and compared it to the average revenue those Norwich experienced on similar days of the week during the rest of the year.
Throughout the entire tournamment, on days when games were being played, retail shops earned 19% less than on similar days. Examine the chart above to see how revenue was impacted during each round of the tournament
Finals Week
Select an industry:
The end of spring semester is perhaps the most-anticipated time of the year for college students around the country.
When final exams are in the rear window, do students celebrate by spending at local businesses? Does the extra revenue of family members visiting to attend commencement make a difference?
Let's find out.
| Avg. revenue: finals | Avg. transactions: finals | Avg. ticket price: finals |
| -10% vs avg day |
-2% vs avg day |
-8% vs avg day |
| -10% vs avg day during May |
-2% vs avg day during May |
-7% vs avg day during May |
During the week of final exams, restaurants in and around Norwich earned 10% less than an average day throughout the year, and 10% less than on an average day during the months of April and May.
Finals week was the number 25 week of the year for Norwich restaurants. Examine the chart above for a closer look at how much revenue was impacted throughout the week of finals.
The end of spring semester is perhaps the most-anticipated time of the year for college students around the country.
When final exams are in the rear window, do students celebrate by spending at local businesses? Does the extra revenue of family members visiting to attend commencement make a difference?
Let's find out.
| Avg. revenue: finals | Avg. transactions: finals | Avg. ticket price: finals |
| -14% vs avg day |
-13% vs avg day |
-1% vs avg day |
| -17% vs avg day during May |
-12% vs avg day during May |
-5% vs avg day during May |
During the week of final exams, lodging places in and around Norwich earned 15% less than an average day throughout the year, and 17% less than on an average day during the months of April and May.
Finals week was the number 24 week of the year for Norwich lodging places. Examine the chart above for a closer look at how much revenue was impacted throughout the week of finals.
The end of spring semester is perhaps the most-anticipated time of the year for college students around the country.
When final exams are in the rear window, do students celebrate by spending at local businesses? Does the extra revenue of family members visiting to attend commencement make a difference?
Let's find out.
| Avg. revenue: finals | Avg. transactions: finals | Avg. ticket price: finals |
| +13% vs avg day |
+23% vs avg day |
-8% vs avg day |
| -2% vs avg day during May |
+3% vs avg day during May |
-6% vs avg day during May |
During the week of final exams, retail shops in and around Norwich earned 14% more than an average day throughout the year, and 3% less than on an average day during the months of April and May.
Finals week was the number 16 week of the year for Norwich retail shops. Examine the chart above for a closer look at how much revenue was impacted throughout the week of finals.
Back to School
Select an industry:
As summer ends and students come flocking back to Connecticut College, do local restaurants see a major boost in sales?
Here's what we learned
| Avg. revenue: back to school | Avg. transactions: back to school | Avg. ticket price: back to school |
| +21% vs avg day |
+10% vs avg day |
+9% vs avg day |
| +42% vs avg day during August |
+15% vs avg day during August |
+23% vs avg day during August |
The week that classes began at Connecticut College saw Norwich restaurants earn 21% more than an average day throughout the year, and 42% more than on an average day during the month of August.
Examine the chart above for a closer look at how much revenue at restaurants were impacted during the first week of classes at Connecticut College. (Classes resumed on Tuesday, August 27)
As summer ends and students come flocking back to Connecticut College, do local lodging places see a major boost in sales?
Here's what we learned
| Avg. revenue: back to school | Avg. transactions: back to school | Avg. ticket price: back to school |
| +25% vs avg day |
+24% vs avg day |
+0% vs avg day |
| +82% vs avg day during August |
+50% vs avg day during August |
+21% vs avg day during August |
The week that classes began at Connecticut College saw Norwich lodging places earn 25% more than an average day throughout the year, and 83% more than on an average day during the month of August.
Examine the chart above for a closer look at how much revenue at lodging places were impacted during the first week of classes at Connecticut College. (Classes resumed on Tuesday, August 27)
As summer ends and students come flocking back to Connecticut College, do local retail shops see a major boost in sales?
Here's what we learned
| Avg. revenue: back to school | Avg. transactions: back to school | Avg. ticket price: back to school |
| +14% vs avg day |
+18% vs avg day |
-3% vs avg day |
| +64% vs avg day during August |
+49% vs avg day during August |
+10% vs avg day during August |
The week that classes began at Connecticut College saw Norwich retail shops earn 14% more than an average day throughout the year, and 64% more than on an average day during the month of August.
Examine the chart above for a closer look at how much revenue at retail shops were impacted during the first week of classes at Connecticut College. (Classes resumed on Tuesday, August 27)
Football
Select an industry:
In most parts of the country, the college football season is the highlight of the year for students and locals alike.
But does college football fever in Norwich translate to big bucks for local businesses?
Let’s take a look at the numbers:
| Avg. revenue: Saturdays during football |
Avg. transactions: Saturdays during football |
Avg. ticket price: Saturdays during football |
| -14% vs avg Saturday |
-9% vs avg Saturday |
-4% vs avg Saturday |
On Saturdays throughout the college football season, Norwich restaurants earned 14% less than an average Saturday during the rest of the year.
In fact, college football was big enough for restaurants in Norwich that 2 of the top 10 days of the year were during college football weekends.
In most parts of the country, the college football season is the highlight of the year for students and locals alike.
But does college football fever in Norwich translate to big bucks for local businesses?
Let’s take a look at the numbers:
| Avg. revenue: Saturdays during football |
Avg. transactions: Saturdays during football |
Avg. ticket price: Saturdays during football |
| -20% vs avg Saturday |
-29% vs avg Saturday |
+13% vs avg Saturday |
On Saturdays throughout the college football season, Norwich lodging places earned 20% less than an average Saturday during the rest of the year.
In fact, college football was big enough for lodging places in Norwich that 1 of the top 10 days of the year were during college football weekends.
In most parts of the country, the college football season is the highlight of the year for students and locals alike.
But does college football fever in Norwich translate to big bucks for local businesses?
Let’s take a look at the numbers:
| Avg. revenue: Saturdays during football |
Avg. transactions: Saturdays during football |
Avg. ticket price: Saturdays during football |
| -10% vs avg Saturday |
-22% vs avg Saturday |
+15% vs avg Saturday |
On Saturdays throughout the college football season, Norwich retail shops earned 11% less than an average Saturday during the rest of the year.
In fact, college football was big enough for retail shops in Norwich that 5 of the top 10 days of the year were during college football weekends.
Of course, there is some overlap between the college football season and the holiday shopping season, which is also huge for local retail shops around the country.
Summmer and Holiday Breaks
Select an industry:
Finally, we wanted to look at the two times of year when school is out and many students head home during the break.
Do the summer and holiday breaks result in a dip in sales for restaurants around Connecticut College?
Here’s what we learned:
| Avg. revenue: summer break | Avg. transactions: summer break | Avg. ticket price: summer break |
| +17% vs avg day |
+10% vs avg day |
+7% vs avg day |
From the end of spring semester until the start of fall semester, Norwich restaurants earned 18% more than the annual average.
| Avg. revenue: holiday break | Avg. transactions: holiday break | Avg. ticket price: holiday break |
| -14% vs avg day |
-6% vs avg day |
-9% vs avg day |
During the weeks of the holiday break, meanwhile, Norwich restaurants earned 15% less than the annual average.
Finally, we wanted to look at the two times of year when school is out and many students head home during the break.
Do the summer and holiday breaks result in a dip in sales for lodging places around Connecticut College?
Here’s what we learned:
| Avg. revenue: summer break | Avg. transactions: summer break | Avg. ticket price: summer break |
| +27% vs avg day |
+34% vs avg day |
-4% vs avg day |
From the end of spring semester until the start of fall semester, Norwich lodging places earned 28% more than the annual average.
| Avg. revenue: holiday break | Avg. transactions: holiday break | Avg. ticket price: holiday break |
| +0% vs avg day |
-20% vs avg day |
+24% vs avg day |
During the weeks of the holiday break, meanwhile, Norwich lodging places earned 1% less than the annual average.
Finally, we wanted to look at the two times of year when school is out and many students head home during the break.
Do the summer and holiday breaks result in a dip in sales for retail shops around Connecticut College?
Here’s what we learned:
| Avg. revenue: summer break | Avg. transactions: summer break | Avg. ticket price: summer break |
| +18% vs avg day |
+20% vs avg day |
-2% vs avg day |
From the end of spring semester until the start of fall semester, Norwich retail shops earned 18% more than the annual average.
| Avg. revenue: holiday break | Avg. transactions: holiday break | Avg. ticket price: holiday break |
| -25% vs avg day |
-23% vs avg day |
-2% vs avg day |
During the weeks of the holiday break, meanwhile, Norwich retail shops earned 25% less than the annual average.
Methodology
Womply analyzed daily revenue for over 41,000 retail shops, 36,000 restaurants, 4,000 lodging places, and 2,200 bars, in all 50 states, for all 365 days of the 2019 calendar year. Businesses were only included in the analysis if they qualified as small businesses, Womply had a full year of transaction history, and the business recorded multiple transactions per day, on average.