MANHATTAN, Kan. (KSNT) – With a school year like no other, Kansas State University college students are facing many changes, including spending less money.
The Kansas State University Economics Club releases a Student Price Index every year, where they round up prices of things college students typically buy around Manhattan. This year, they saw the greatest decrease in prices since the index began in 2002.
“There’s a little bit of pessimism there knowing that it’s from COVID-19 sort of negatively impacting our economy on a local scale, but sort of for the short run it is good news for students that prices are down this year,” said Brock O’Brien, K-State senior and president of the Economics Club.
The greatest decrease was gasoline by 20.1%, followed by beer with 16.2%, textbooks by 13.8% and movies by 13.7%.
Student housing, including both Greek and non-Greek, increased.
The coronavirus is the cause of the price drops, as the demand for these items also weakens, according to the club’s leaders.
“That’s driving prices down as businesses are competing for a smaller pool of money of people who are willing and able to spend,” said Daniel Kuester, faculty advisor for the club.
As for next year, it is hard to tell what the prices could look like, Kuester said, but he estimates it will increase by a small amount.