2018 back-to-college survey Vying for wallet share

Transcription

1 2018 back-to-college survey Vying for wallet share

2 Deloitte s 2018 back-to-college survey Key findings Despite ongoing digital hype, in-store sales are expected to lead the way Parent s back-to-college spending is expected to reach $25.5B, or $1,330 per household, essentially flat to 2017 $5.6B is up for grabs. Shoppers remain undecided on where to spend 22 percent of their budget: online or in-store Despite ongoing hype about ecommerce, parents plan to increase their in-store spend in 2018 to 54% (up from 49% in 2017). In-store will be stealing share from online and undecided spend Planned use of digital platforms for B2C are down or flat to last year, with highest planned usage to lookup prices and discounts; B2C shoppers may be signaling a desire for innovation in digital usage for their shopping experience Survey results show overall parent B2C spend is flat, however, some categories may experience sizable growth including Dorm/apartment furniture (+17 percent) and Electronic Gadgets (+14 percent) Customer's format preference vary notably by household income and product category Mass merchants and on-campus book stores are most preferred formats, followed by a number of price-based retailers formats Low-income households have a preference for price-based formats (e.g., dollar stores) while higher income groups prefer premium formats (e.g., department stores) Shoppers from high-income households plan to spend the most across all categories While parents tend to pay, students heavily influence spending Over 80 percent of parents expect to collaborate with their students on budgeting and shopping for B2C Income matters when it comes to B2C funding: lower income households expect higher student funding whereas higher income households see almost 2x the number of students using the family credit card 80 percent of parents plan to spend more than half of the total B2C spend, and only 7 percent of parents expect their students to contribute more than 75 percent of the spend Copyright 2018 Deloitte Development LLC. All rights reserved back-to-college survey 2

3 Survey findings

4 Spend by parents during back-to-college (B2C) shopping season expected to reach $25.5 billion in 2018 B2C shopping season touches 19 Million college students* $1,330 Avg. spend by parents # 7k+ Educational institutions** $25.5 Billion in parent spend^ * Number of students enrolled in Under-graduate and Graduate courses as of October 2016 [Source: US Current Population Survey 2017] ** Post-secondary Title IV educational institutions [Source: National Center for Education Statistics (NCES) 2016] # Planned average spend by parents on college related items during back-to-college season [Source: Deloitte survey] ^ Deloitte calculations on back-to-college market spend ($25.5 billion) [Source: Deloitte survey and US Current Population Survey 2017] Note: Sample size (N) = 1,025 Copyright 2018 Deloitte Development LLC. All rights reserved back-to-college survey 4

5 Back-to-college planned shopping is lead by the college supplies category, which makes up ~1/3 of budgeted parent spend B2C 2018 Estimated market spend by category Household appliances & supplies $3.0B Dorm/apartment furniture & supplies $3.5B Electronic gadgets & digital subscriptions* $2.2B $25.5B est. market size College supplies $8.2B Clothing & accessories $4.2B Computers & hardware $4.4B Source: Deloitte calculations on back-to-college market spend ($25.5 billion) [Source: Deloitte survey and US Current Population Survey 2017] Note: Sample size (N) = 1,025 *Electronic gadgets include cell phones/smart phones, tablet/e-reader, and wearable devices Copyright 2018 Deloitte Development LLC. All rights reserved back-to-college survey 5

6 Average 2018 B2C spend by parents likely to remain flat at $1,330 compared to $1,347 in 2017 National Avg. B2C spend by parents: $1,330 Northeast 21% $1,483 West 20% $1,310 Midwest 22% $1,260 South 36% $1,307 % of total B2C spend by parents Avg. B2C spend by parents Source: Deloitte survey Note: Average spend based on shoppers from each region South (n = 378), Northeast (n = 194), Midwest (n = 242), and West (n = 211). Copyright 2018 Deloitte Development LLC. All rights reserved back-to-college survey 6

7 Income level provides a notable influence on funding for B2C shopping, shopping influencers, and economic outlook Low-income (Less than $50k) Middle-income ($50k-$99k) High-income ($100k+) B2C purchase influence Shopping Funded by family Students to use parent s/family s household credit card 19% 30% 42% Shopping Funded by student Student will fund their own purchase 39% 37% 30% Student influence More than half of B2C spend is influenced by students 60% 68% 73% Economic focus Deal focused Plan to shop at different points throughout the summer to take advantage of deals Economic optimism More confident about the US economy s prospects now (June 2018), than they were at the end of 2017 Household financial stability Household's financial situation today is better than it was a year ago 75% 72% 63% 27% 43% 50% 16% 25% 33% Digital usage Laptop computer Use or plan to use laptop computer for B2C shopping 47% 52% 55% Smartphone Use or plan to use smartphone for B2C shopping 53% 42% 38% Source: Deloitte survey Note: Sample size - Low-income (n = 397), Middle-income (n = 315), High-income (n = 313) Copyright 2018 Deloitte Development LLC. All rights reserved back-to-college survey 7

8 Consumer spending trends

9 While planned B2C spend ranks college supplies as highest in demand, parents plan to spend more on computers & hardware Average spend planned by parents (2018): $1,330 By category 89% plan to buy College supplies Avg. spend $479 78% plan to buy Clothing & accessories Avg. spend $279 68% plan to buy Household appliances & supplies Avg. spend $226 32% Share of B2C spend 16% Share of B2C spend 12% Share of B2C spend 50% plan to buy Dorm/apartment furniture & supplies Avg. spend $366 34% plan to buy Computers & hardware Avg. spend $674 32% plan to buy Electronic gadgets & digital subscriptions Avg. spend $357 14% Share of B2C spend 17% Share of B2C spend 9% Share of B2C spend Source: Deloitte survey Note: Sample size (N) = 1,025 Avg. spend is calculated only for the respondents who plan to purchase at least one item from the above mentioned category Copyright 2018 Deloitte Development LLC. All rights reserved back-to-college survey 9

10 Electronics gadgets, household appliances, and dorm/apartment furniture are likely to see significant increases in avg. B2C spend Category Avg. spend planned by category* YoY Average spend Average spend Change (%) Clothing & accessories $291 $279-4% College supplies $505 $479-5% Computers & hardware $648 $674 +4% Electronic gadgets & digital subscriptions $314 $ % Household appliances & supplies $205 $ % Dorm/apartment furniture & supplies $312 $ % Note: Sample size (N) = 1,025; Avg. spend is calculated only for the respondents who plan to purchase at least one item from the above mentioned category * Spending share of Other category not shown. Copyright 2018 Deloitte Development LLC. All rights reserved back-to-college survey 10

11 College supplies, clothes/shoes and personal care products are likely the highest categories in demand Surprisingly, the percent of parents planning to purchase tech products decreased from 48% to 41%, driven mostly by lower planned peripheral HW/SW/accessories purchases Please select the products you plan to purchase for your student # 2017 B2C items % 78% 63% 48% of parents plan to spend on tech products 45% 41% 30% 28% 16% 13% 12% 10% 7% 7% 28% 18% 12% 15% 5% 4% 2% College supplies Clothes/shoes Personal care, beauty, bathing items Dorm accessories and supplies Backpack or book bag Kitchen and dining supplies College-branded gear or supplies Dorm furniture Digital subscriptions Voice and data phone plans Television Luggage Jewelry/handbag/personal accessories Computer Printer or other computer hardware Cell phone/smart phone Computer software/small accessories Tablet, e-reader Wearable device Game console 28% 27% 17% 11% 11% 11% 6% 6% 25% 14% 13% 11% 6% 3% 2% 42% 48% 59% 78% 83% Tech products Other products 41% of parents plan to spend on tech products Source: Deloitte survey Note: Sample size (N)= 1,025; #multi-select question Copyright 2018 Deloitte Development LLC. All rights reserved back-to-college survey 11

12 In-store is expected account for more than half of B2C shopping spend $5.6B is up for grabs. Shoppers likely to be undecided on where they will spend 22% of their budget: online or in-store B2C spending by channel Average B2C spend in 2018: $1,330 In-store Average spend: $716 Share of total spend: 54% $13.8 Billion Market size Online Average spend: $325 Share of total spend: 24% $6.1 Billion Undecided*? Average spend: $289 Share of total spend: 22% $5.6 Billion *Undecided (In-store or Online) Source: Deloitte survey Note: Sample size (N) = 1,025 Copyright 2018 Deloitte Development LLC. All rights reserved back-to-college survey 12

13 And is likely to be in prominence. In-store sales are projected to grow in 2018, as a smaller percent of shopper are undecided The share of in-store is expected to increase in 2018 for all the categories except Household appliances & supplies 2017 Category % 41% 38% Electronic gadgets & digital subscriptions 34% 42% 24% 28% 40% 32% Computers & hardware 28% 48% 24% 29% 43% 28% College supplies 31% 48% 21% 27% 55% 18% Dorm/apartment furniture & supplies 18% 61% 21% 24% 59% 17% Clothing & accessories 17% 64% 19% 23% 65% 12% Household appliances & supplies 13% 65% 22% Online In-Store Undecided (Online/In-store) Source: Deloitte survey Sample size (N) = 1,025 Copyright 2018 Deloitte Development LLC. All rights reserved back-to-college survey 13

14 Channel indecisiveness likely to vary with income level; lowincome shoppers are undecided for 31% of planned spend Three-fourths of low-income households plan to shop at different points during the summer to take advantage of deals; hence, might delay their shopping channel decisions Share of B2C spending by channel Overall 54% 24% 22% High-income ($100k+) 58% 26% 16% Middle-income ($50k-$99k) 55% 26% 19% Low-income (Less than $50k) 48% 21% 31% In-store Online Undecided Source: Deloitte survey Note: Sample size (N)= 1,025 Copyright 2018 Deloitte Development LLC. All rights reserved back-to-college survey 14

15 B2C season timing

16 Early in July Later in July Early in August Later in August 7 in 10 parents plan to begin B2C shopping early in the season Early shoppers plan to spend 35%, equivalent to $377, more than those who start later in the season 68% plan to begin shopping before August (Average spend = $1,451) 29% 32% plan to begin shopping in August or later (Average spend = $1,074) # 25% 22% 17% 5% 2% Earlier than July July August September Average spend $1,719 $1,451 $1,292 $1,090 $904 $1,279 Source: Deloitte survey Question: When does your household plan to begin its back-to-college shopping? #October which accounted for 0.3% of respondents (n=3) with avg. spend $1,753 is not shown in the chart above. Note: Sample size (N) = 1,025 Copyright 2018 Deloitte Development LLC. All rights reserved back-to-college survey 16

17 $14B of B2C spend (50%) likely to take place in the one month period of Late July to Early August 80% of all back-to-college shoppers are expected to be active in this period, making it the busiest time of the B2C season B2C shopping periods by traffic and total spend $2.5B $4.5B $6.7B $7.4B $3.4B $1.0B 57% 66% 34% 34% 16% 8% Earlier than July Early in July (first 2 weeks) Later in July (last 2 weeks) Early in August (first 2 weeks) Later in August (last 2 weeks) September $ B Total B2C spend (out of $25.5B) during noted period % of active B2C shoppers during noted period All categories are likely to experience peak sales in early August except for Computers & hardware, which is likely to experience peak shopping in late July Question: Out of $ you plan to spend on back-to-college shopping, how much do you plan to spend during the following periods? Note: Sample size (N) = 1,025 Copyright 2018 Deloitte Development LLC. All rights reserved back-to-college survey 17

18 Home electronics, furnishings, and warehouse stores likely to witness peak shopper activity 2 weeks earlier than other retail formats B2C shopper activity by period across top 10 retail formats Retail format Earlier than July Early in July (first 2 weeks) Later in July (last 2 weeks) Early in August (first 2 weeks) Later in August (last 2 weeks) September Mass merchants 15% 32% 60% 73% 37% 9% Bookstores # 14% 29% 53% 66% 34% 7% Online only 15% 30% 54% 64% 36% 10% Home electronics 28% 51% 73% 62% 36% 8% Off-price stores 15% 29% 53% 68% 32% 6% Department stores 23% 39% 52% 61% 19% 3% Fast fashion* 10% 45% 59% 72% 21% 7% Office supply/ technology stores* Home furnishings/ housewares stores* Warehouse membership clubs* 17% 39% 61% 65% 39% 4% 29% 67% 76% 43% 24% 5% 26% 47% 58% 58% 26% 5% * Sample size at overall level less than 30 # includes both On-campus and off-campus stores Question: (1) At which type of retailer do you anticipate spending the most money this back-to-college shopping season? Question: (2) Out of $ you plan to spend on back-to-college shopping, how much do you plan to spend during the following months? Note: Sample size (includes only respondents who plan to spend the most money at the above mentioned retail format) Copyright 2018 Deloitte Development LLC. All rights reserved back-to-college survey 18

19 Early shoppers are most likely to be parents of first-time college students, seeking best deals for big-ticket items Early shoppers Avg. spend: $1,451 B2C Shoppers Late shoppers Avg. spend: $1,074 40% Parents having at least one student entering college this fall as freshmen 26% 37% Expect to find the best back-to-college deals early in the season 24% 77% Plan to shop at different points throughout the summer to take advantage of deals 57% 15% Share of dorm/apartment furniture & supplies in total B2C budget 10% 19% Share of computers & hardware in total B2C budget 12% Early shoppers Those who start shopping before August Late shoppers Those who start shopping in August or later Source: Deloitte survey Note: Sample size - Early shoppers n=695, Late shoppers n=330 Copyright 2018 Deloitte Development LLC. All rights reserved back-to-college survey 19

20 Shopping behavior

21 Social Mobile Desktop/ laptop Usage of digital platforms for B2C likely to be down or flat to last year, with highest usage to find prices and discounts 59% of shoppers plan to make a purchase using desktop/laptop while only 42% plan to do so using mobile Digital Connection % of total shoppers Top Uses Get price information 61% 69% (80% in 2017) Make a purchase Compare to similar products 59% 47% Get product information 43% Get price information 53% 45% (44% in 2017) Collect discounts, coupons, sale information Make a purchase 53% 42% Access a mobile shopping app 41% 13% (18% in 2017) Receive a coupon Find info on promotions/view ads Browse products 60% 58% 55% Read reviews/recommendations Source: Deloitte survey Note: Sample size (N) = 1,025; # Multi-select question Copyright 2018 Deloitte Development LLC. All rights reserved back-to-college survey 21 52%

22 Free shipping appears to remain the leading factor while selecting online retailer during B2C season Please indicate your level of agreement with the following statements (% who agree or somewhat agree) Preferences while shopping online Free shipping More likely to purchase from online retailers who offer free shipping 75% 78% Buy online, return to store Purchase from those retailers that offer an option to buy online and return to store 47% 53% Buy online, pick up in-store Purchase from those retailers that offer an option to buy online and pick-up in-store 40% 45% Loyalty program with shipping options Prefer loyalty programs that provide faster or cheaper shipping more than product discounts while shopping online 39% 42% 2017 responses Source: Deloitte survey Note: Sample size (N) = 1,025 Copyright 2018 Deloitte Development LLC. All rights reserved back-to-college survey 22

23 Role of student

24 The majority of parents expect to be highly collaborative in budgeting and shopping, leading to high student influence Fewer than 20% of respondents expect that they or their students will shop alone Parents Decision making Which of the following best describes your approach for back-to-college shopping? I discuss budgeting and shop with my student(s) My student(s) set the budget and we shop together I discuss budgeting with my student(s), but shop alone 4% 9% 69% 82% Plan to collaborate with their students during B2C shopping My student(s) set the budget and shop on their own I decide on the budget, my student shops alone I decide on the budget and shop on my own 6% 4% 8% 18% of parents expect the B2C season to be planned and shopped separately Source: Deloitte survey Sample size (N) = 1,009 (Re-based to exclude others ) Copyright 2018 Deloitte Development LLC. All rights reserved back-to-college survey 24

25 8 out of 10 parents expect their students to contribute less than 50% to their B2C shopping budget Students likely contribution to B2C shopping according to parents Considering your student s budget requirements for back-to-college shopping, what percentage will your student likely contribute? 80% of parents plan to spend more than half of the total B2C spend Only 18% of parents expect their kids to contribute more than half of budget 22% 22% 17% 19% 11% 5% 2% 2% Uncertain 0% 1-10% 11-25% 26-50% 51-75% 76-99% 100% Source: Deloitte survey Note: Sample size (N) = 1,025. Copyright 2018 Deloitte Development LLC. All rights reserved back-to-college survey 25

26 Parents with freshmen students are likely to spend more than other shoppers, especially on computers & hardware Parents of freshmen students vs other shoppers Avg. B2C spend by category ($) Shoppers with at least one Freshmen student Other shoppers $764 $569 $495 $470 $281 $278 $264 $205 $407 $340 $373 $348 College supplies Clothing & accessories Household appliances & supplies Dorm/apartment furniture & supplies Computers & hardware Electronic gadgets & digital subscriptions Source: Deloitte survey Note: Survey sample size (N)= 1,025 Copyright 2018 Deloitte Development LLC. All rights reserved back-to-college survey 26

27 Product category and retail formats

28 Mass merchants and on-campus book stores are most preferred formats, followed by a number of price-based retailers Low income households have a preference for price based formats (e.g., dollar stores) while higher income groups prefer premium formats (e.g., warehouse clubs, department stores) Overall rank Lowincome Middleincome Highincome In what types of retail environments do you plan to do your Back-to-College shopping? # Mass merchants Bookstores (On-campus) Online only retailers Dollar stores Off-price stores Office supply/technology stores Fast fashion apparel retailers Bookstores (Off-campus) Traditional department stores Warehouse membership clubs Home electronics stores Drug stores Supermarkets Retailer s websites Consignment shops/thrift stores Home furnishings and housewares stores Specialty clothing stores Catalogs Pop-up retail stores on college campus Retailer s mobile apps Source: Deloitte survey Format preferred by Format preferred by Sample size (N) = 1,025; # Multi-select question low-income group high-income group Copyright 2018 Deloitte Development LLC. All rights reserved back-to-college survey 28 7% 4% 4% 4% 18% 17% 16% 24% 21% 31% 30% 29% 27% 27% 26% 26% 32% 51% 61% 75%

29 Shoppers from high-income households likely to spend the most across all B2C product categories The average spend gap between low-income and high-income groups is most stark in computers & hardware High-Income ($100k+) Medium-Income ($50k-$99k) Low-Income (Less than $50k) Overall $783 $722 $674 $534 $497 $479 $555 $420 $324 $282 $279 $242 $246 $227 $226 $207 $415 $365 $366 $319 $394 $383 $357 $301 College supplies Clothing & accessories Household appliances & supplies Dorm/apartment furniture & supplies Computers & hardware Electronic gadgets & digital subscriptions Note: Survey sample size (N) = 1,025 Avg. spend is calculated only for the respondents who plan to purchase at least one item from the above mentioned category Copyright 2018 Deloitte Development LLC. All rights reserved back-to-college survey 29

30 Retail format preferences for clothing vary significantly by household incomes While low-income HHs prefer mass merchants, middle- and high-income shoppers are plan to shop across categories, with small tendencies to fast fashion and dep t stores respectively Preferred retail formats for Clothing & accessories By income $235 $300 $313 $276 $271 $363 # 36% 15% 23% 25% 26% 22% 21% 20% 28% 22% 20% 13% 20% 19% 18% 16% 6% 7% 6% 6% 6% 2% 3% 4% Mass merchants Fast fashion Department stores Off-price stores Online only* Specialty clothing stores* High-income ($100K+) Middle-income ($50K $99K) Low-income (Less than $50K) Full category average Avg. category spend by preferred retail format * Sample size at household income-level has fewer than 30 respondents; # Sample size at overall level has fewer than 30 respondents Question: (1) Which type of retailer will you shop the most for clothing and accessories during this back-to-college season? Question: (2) For the following categories, please indicate the total amount you estimate you will spend during back-to-college shopping season? Note: Sample size High-income (n = 341), Middle-income (n = 248), Low-income (n = 308), Overall (n = 797) Copyright 2018 Deloitte Development LLC. All rights reserved back-to-college survey 30

31 For digital product categories, home electronic stores are a clear preference both in intended visits and budgeted spend Other than home electronic stores, low-income shoppers are more disposed to shop at mass merchants, while higher income groups are likely to opt for online-only retailers Preferred retail formats for Electronic gadgets/computers & hardware By income $784 $477 $612 $701 $778 # 46% 42% 43% 41% 28% 23% 24% 22% 22% 20% 15% 13% 5% 7% 7% 7% 8% 1% 4% 4% Home electronic stores Mass merchants Online only Office supply/ technology stores* Warehouse membership clubs* High-income ($100K+) Middle-income ($50K $99K) Low-income (Less than $50K) Full category average Avg. category spend by preferred retail format * Sample size at household income-level has fewer than 30 respondents; # Sample size at overall level has fewer than 30 respondents Question: (1) Which type of retailer will you shop the most for Electronic gadgets/computers & hardware during this back-to-college season? Question: (2) For the following categories, please indicate the total amount you estimate you will spend during back-to-college shopping season? Note: Sample size High-income (n = 172), Middle-income (n = 148), Low-income (n = 193), Overall (n = 513) Copyright 2018 Deloitte Development LLC. All rights reserved back-to-college survey 31

32 Mass merchants likely to hold clear lead over other retail formats when it comes to college supplies Nearly two-thirds of B2C shoppers prefer mass merchants for college supplies shopping; there are small trends by income to other formats for the remaining 1/3 of this category Preferred retail formats for College supplies By income $464 $548 $508 $283 $650 # 62% 64% 62% 59% 18% 18% 17% 14% 14% 9% 8% 10% 1% 10% 4% 5% 3% 3% 2% 3% Mass merchants Office supply/ technology stores Online only* Dollar stores* Warehouse membership clubs* High-income ($100K+) Middle-income ($50K $99K) Low-income (Less than $50K) Full category average Avg. category spend by preferred retail format * Sample size at household income-level has fewer than 30 respondents; # Sample size at overall level has fewer than 30 respondents Question: (1) Which type of retailer will you shop the most for college supplies during this back-to-college season? Question: (2) For the following categories, please indicate the total amount you estimate you will spend during back-to-college shopping season? Note: Sample size High-income (n = 288), Middle-income (n = 279), Low-income (n = 350), Overall (n = 917) Copyright 2018 Deloitte Development LLC. All rights reserved back-to-college survey 32

33 Dominance of mass merchants as the most preferred format for furniture and household supplies holds across income levels Conventional formats for furniture and household supplies warehouse clubs and home furnishing/houseware stores likely to lag way behind mass merchants in preference Preferred retail formats for Dorm furniture/household appliances & supplies By income $406 $580 $448 $619 $822 # $266 # 65% 63% 63% 64% 13% 12% 9% 11% 9% 6% 8% 8% 7% 3% 4% 5% 4% 5% 6% 3% 1% 3% 3% 0% Mass merchants Off-price stores Online only* Warehouse membership clubs* Home furnishings and housewares* Dollar stores* High-income ($100K+) Middle-income ($50K $99K) Low-income (Less than $50K) Full category average Avg. category spend by preferred retail format * Sample size at household income-level has fewer than 30 respondents; # Sample size at overall level has fewer than 30 respondents Question: (1) Which type of retailer will you shop the most for Dorm/Apartment furniture & supplies and Household appliances & supplies during this back-tocollege season? Question: (2) For the following categories, please indicate the total amount you estimate you will spend during back-to-college shopping season? Note: Sample size High-income (n = 243), Middle-income (n = 232), Low-income (n = 289), Overall (n = 764) Copyright 2018 Deloitte Development LLC. All rights reserved back-to-college survey 33

34 About the survey Survey timing: May 31 to June 13, 2018 Sample:. The survey polled a sample of 1,025 parents with college-going children with respondents having at least one child attending college in Undergraduate or Graduate courses this fall Methodology: The survey was conducted online using an independent research panel Demographics Income group (N=1,025): Low-income Household income less than $50,000 (n=397) Middle-income Household income between $50,000 and $99,999 (n=315) High-income Household income $100,000 and more (n=313) Region (N=1,025): West: (n=211) Midwest: (n=242) South: (n=378) Northeast: (n=194) Copyright 2018 Deloitte Development LLC. All rights reserved back-to-college survey 34

35 About the survey This annual Deloitte survey was conducted online using an independent research panel between May 31 June 13, The survey polled a sample of 1,025 parents with college-going children and has a margin of error for the entire sample of plus or minus three percentage points. Deloitte Center for Industry Insights The Deloitte Center for Industry Insights is the research division of Deloitte LLP s Consumer and Industrial Products practices. The center s goal is to inform stakeholders of critical business issues, including emerging trends, challenges and opportunities. Using primary research and rigorous analysis, the center provides unique perspectives and seeks to be a trusted source for relevant, timely and reliable insights. This publication contains general information only and Deloitte is not, by means of this publication, rendering accounting, business, financial, investment, legal, tax, or other professional advice or services. This publication is not a substitute for such professional advice or services, nor should it be used as a basis for any decision or action that may affect your business. Before making any decision or taking any action that may affect your business, you should consult a qualified professional advisor. Deloitte shall not be responsible for any loss sustained by any person who relies on this publication. About Deloitte Deloitte refers to one or more of Deloitte Touche Tohmatsu Limited, a UK private company limited by guarantee ( DTTL ), its network of member firms, and their related entities. DTTL and each of its member firms are legally separate and independent entities. DTTL (also referred to as Deloitte Global ) does not provide services to clients. In the United States, Deloitte refers to one or more of the US member firms of DTTL, their related entities that operate using the Deloitte name in the United States and their respective affiliates. Certain services may not be available to attest clients under the rules and regulations of public accounting. Please see to learn more about our global network of member firms. Copyright 2018 Deloitte Development LLC. All rights reserved back-to-college survey 35