Cambridge city lost £25.8m whilst students were away during lockdown
Students leaving Cambridge in March had a massive financial impact on businesses
As a university town, Cambridge lost a large part of its community over lockdown, with students studying remotely for Easter Term. New research by online advice service, Studee, shows that this has had a massive financial impact on the city, with losses of up to £25.8 million.
Without student demand, local food takeaways lost £4.7 million, and shops selling non-food items lost £1.8 million. Supermarkets suffered the greatest loss of £13.2 million over the last six months.
In bars, the £2.3 million which would have been spent by socialising students and locals was lost. Charity shops lost out on the equivalent of £1 million due to a lack of donations and sales.
Across the country, university towns made huge losses when students were sent home in March. High streets in the UK saw a drop in sales of 18.8 per cent for non-food items.
Figures have shown that most towns with a large student population have been hit financially, with losses in London at an estimated £580 million over the past six months. The report from Studee has said that “the [impact of the] pandemic has been economically catastrophic.”
Feature image credit: Riana Patel