Summer — Sun, Sea and Studying
As summer holidays draw to a close, the time for those to forget about the classroom was not necessarily forgotten. Increasingly, children are spending more of their summer holidays at summer school or on a study tour rather than on the beach. Summer educational programmes have existed for some time in developed regions, such as North America and Europe. Now they have caught the attention of parents in Asia, where sending children on overseas study tours is the latest parenting trend.
In China particularly, parents are increasingly focused on giving their children a high-quality and well-rounded education that includes international exposure. According to new research, the size of the Chinese market for global study tours and education camps grew to $14 billion in 2018. It is likely to grow at an average year-on-year increase rate of 20%, creating an industry with significant potential.
The US and UK, followed by Australia, are generally the most popular destinations as these countries appeal to parents who wish to improve their children’s English language abilities. STEM-themed study trips are the top choices for K12 students and their parents, while university tours are also extremely popular with older students.
Many top universities in the US and UK are reporting record numbers of Chinese tourists visiting during the summer months. The significant potential of this market has not gone unnoticed, with nearly 30 startups in the education and study tour segment having raised pre-Series A funding by the end of 2018.
Children are not the only ones using their time off to advance their education. Due to the changing landscape of the workplace, there is significant demand from university students and professionals for part-time tech skills training to boost their employability. This has led to the creation of the fast-growing tech boot camp industry that was worth $240m in 2018 — nine times the size it was in 2013.
Several prestigious universities across the globe have picked up on this trend and are offering a range of summer and part-time courses focused on tech skills. This summer, both Yale and Harvard have partnered with EdTech companies to offer part-time tech-focused courses. In an increasingly competitive world, the trend of upskilling in our spare time is rapidly accelerating, creating opportunities for startups and large players alike.
