TONG were delighted to attend and sponsor the LD Events Property Student Housing Conference in London for a full day of insights and market analysis from industry leaders and discussions on improving the student experience in the UK.
With our experience designing bespoke market-leading strategies for universities and accommodation providers to reach Chinese students, we condensed our knowledge and insights into our first Student Housing Report to share with attendees.
Our report decodes this crucial market for accommodation providers in the UK and brings them closer to their most important international student demographic.
If you missed the event, read on to learn the five key takeaways from the report, or download your copy here.
With the return of on-campus and in-person teaching providing Chinese students with the experience they seek, housing providers should take this opportunity to re-engage with this market before this year’s application process begins.
From the latest updates to predictions for the future, read our key take aways:
Post-Zero Covid, with travel is back on the table, how has the international student opportunity changed?
Chinese nationals were the second most common nationality granted sponsored study visas in 2022, with 102,842 visas issued. As premium consumers, however, this audience remains high value and a key market for PBSAs. Given that the Chinese government has banned “online only courses,”
It is compulsory for international students to complete their studies abroad, forecasting an increase in Chinese student enrolments. According to HESA, in the year ending September 2022, a total of 463,315 sponsored study visas were granted – the highest number to date.
With supply falling behind in the sought-after London area, will we see more emphasis on collaborative approaches between PBSAs and universities in order to meet demand, or do you expect the market to shift towards increased international applications to regional universities?
Paul Watson, Director of Operations at Generation Estates, revealed predictions and insights for the sector in 2023:
“Activities such as The Investor In Students project are fantastic developments in the PBSA space and we’ve been pleased to be involved with this from the outset. Each PBSA provider and university will have their own strategy and view on collaborative working so a universal solution is unlikely to be forthcoming.
Speaking from experience where both parties can feel confident and secure working with each other, whether with or without a commercial agreement, the benefits in supporting and serving students can be literally life changing. There are some great examples of best practice across the UK and whilst London is a huge draw, both Here! and Now Student Living have established fantastic international student communities in all our locations from Leeds and Birmingham to Glasgow and Sheffield.”
How can PBSA’s tailor the booking experience for Chinese students?
As many students may be renting for the first time in a foreign country, they’ll need guidance throughout the booking process.
The majority of Chinese students will be viewing and booking accommodation remotely, so it’s important to provide a comprehensive virtual experience with Mandarin customer service.
Brands should also be aware of the importance of access to Chinese communities, as well as the fact that Alipay, WeChat Pay, and Union Pay are the preferred payment methods. Fast responses are crucial for this generation, so speedy customer care is a must.
How can PBSA’s compete with booking agencies?
While they are convenient for consumers, agents offer downsides to accommodation businesses. They can significantly eat into profit margins with commissions that can increase year on year. They also have a vested interest in guarding details about your customer booking journey prior to room reservation, making the Chinese sales funnel opaque to your business, which maintains reliance on their service.
Accommodation providers can gain ownership over this process by establishing a direct relationship with Chinese customers via key digital channels such as social media, websites, and WeChat Mini Programs.
How can PBSA’s ensure rebooking from their Chinese student audience?
Providing an enriching experience will lead to ongoing endorsement of the brand and rebooking.
TONG’s client work in the PBSA sector is exemplary of how to nurture your Chinese student communities and build long term loyalty.
Over several years, TONG has designed a series of campaigns to increase our client’s brand awareness and community engagement amongst Chinese students across their portfolio. From online advertising to celebrating important cultural events through offline activities, TONG has reached millions of young Chinese users across the UK and in China.
