The impact of colleges and universities on local business 2020:
Western Illinois University
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 Macomb to see what kind of impact major events during the school year at Western Illinois University 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 Macomb
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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 Macomb from week-to-week.
| #1 | #2 | #3 | #4 | #5 |
|
5/11/19 Finals Week Mother's Day Weekend |
5/10/19 Finals Week Mother's Day Weekend |
10/5/19 Football |
9/14/19 Football |
4/5/19 |
| Saturday | Friday | Saturday | Saturday | Friday |
Above are the top five days of the year for Macomb restaurants. This means that on these days, more total dollars were spent at restaurants in Macomb than on any other day of the year.
Spring Break
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As the weather warms up and students get to take the week off, how are local restaurants around Western Illinois University 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 |
| -16% vs avg day |
-18% vs avg day |
+3% vs avg day |
| -18% vs avg day during March |
-12% vs avg day during March |
-6% vs avg day during March |
During the week of spring break, restaurants in and around Macomb earned 16% less than an average day throughout the year, and 18% less than on an average day during the month of march.
Spring break was the number 43 week of the year for Macomb restaurants. Examine the chart above for a closer look at how much revenue went up or down throughout the week of spring break.
March Madness
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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 Western Illinois University?
To find out, we analyzed revenue at restaurants in Macomb on game days for each round of the tournament and compared it to the average revenue those Macomb 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 7% more than on similar days. Examine the chart above to see how revenue was impacted during each round of the tournament
Finals Week
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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.
Note: finals week and commencement fell during Mother’s Day weekend at Western Illinois University in 2019, which likely made a significant impact on local businesses in Macomb as well. Particularly restaurants (Mother's Day weekend was responsible for the top day of the year for restaurants across the country).
| Avg. revenue: finals | Avg. transactions: finals | Avg. ticket price: finals |
| +47% vs avg day |
+36% vs avg day |
+7% vs avg day |
| +42% vs avg day during May |
+32% vs avg day during May |
+6% vs avg day during May |
During the week of final exams, restaurants in and around Macomb earned 47% more than an average day throughout the year, and 43% more than on an average day during the months of April and May.
Finals week was the number 1 week of the year for Macomb restaurants. Examine the chart above for a closer look at how much revenue was impacted throughout the week of finals.
Back to School
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As summer ends and students come flocking back to Western Illinois University, 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 |
| +11% vs avg day |
+14% vs avg day |
-3% vs avg day |
| +16% vs avg day during August |
+19% vs avg day during August |
-3% vs avg day during August |
The week that classes began at Western Illinois University saw Macomb restaurants earn 11% more than an average day throughout the year, and 16% 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 Western Illinois University. (Classes resumed on Monday, August 19)
Football
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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 Macomb 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 |
| -6% vs avg Saturday |
+0% vs avg Saturday |
-5% vs avg Saturday |
On Saturdays throughout the college football season, Macomb restaurants earned 6% less than an average Saturday during the rest of the year.
In fact, college football was big enough for restaurants in Macomb that 4 of the top 10 days of the year were during college football weekends.
Summmer and Holiday Breaks
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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 Western Illinois University?
Here’s what we learned:
| Avg. revenue: summer break | Avg. transactions: summer break | Avg. ticket price: summer break |
| +0% vs avg day |
-1% vs avg day |
+1% vs avg day |
From the end of spring semester until the start of fall semester, Macomb restaurants earned 0% more than the annual average.
| Avg. revenue: holiday break | Avg. transactions: holiday break | Avg. ticket price: holiday break |
| +5% vs avg day |
+13% vs avg day |
-7% vs avg day |
During the weeks of the holiday break, meanwhile, Macomb restaurants earned 5% more 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.