An Analysis of Economic Implication of Consumption Pattern of Economics Students of Bowen University

Abstract

This research work was carried out to investigate the welfare implication of consumption pattern of economics students of Bowen University. Primary data through the use structured questionnaires was used in this study. The hypothesis for this study was tested using Chi-square test. This research work was anchored on Absolute Income Hypothesis. The result of our chi- square test shows that there is relationship between students’ welfare and their consumption pattern. There is a positive relationship between income and consumption pattern among economics students. Their consumption pattern increases as their income or their monthly allowances increases. There is a negative relationship between academic performance and the monthly allowance, this means that increase in the monthly allowance of students does not make the student to perform excellently in academic and also academic performances also does not increase monthly allowances of most students in economics department. This study also reveals that income, price and peer pressure determines how much students spend on items they need to purchase, but most of the students in economics department of Bowen University acclaimed that it is their income that determines how much they spend, follow by the price i.e. if there is increase in their income, they will spend more and vice versa and also increase in price of commodity will make student to demand less and vice versa. In accordance with the findings, the research recommend that parents should pay adequate attention to the welfare of their children by sending them monthly allowances good enough to consume quality foods that can enhance good health and  produce good academic performance.