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Saturday, January 28, 2023

Post-shutdown HBCU Homecomings Bring Vital Boosts to Revenues

Institutions are raising fees during this year's homecoming to combat inflation

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UNITED STATES: Colleges and institutions in the United States are hosting their first homecomings since the epidemic. Homecomings are yearly occasions where alums gather to commemorate the past and support their alma mater football teams.

The revival of homecoming gives historically Black colleges and universities, many of which were established after the Civil War, to educate newly liberated Americans who were prohibited by racism from attending other American universities.

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Shopping for food, clothing, and leisure items are gradually picking up in the United States due to the slowing of inflation.

In September, consumer spending increased by 0.6%, according to the U.S. Commerce Department.

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Even while homecomings are not unique to HBCUs, the pandemic’s reduction in their number hurt colleges that were already impoverished and struggling financially compared to institutions with a preponderance of white students.

In May, Illinois’ Lincoln College announced the permanent closure of its doors, citing pandemic effects, poor enrolment, and a cyberattack.

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Morris Brown in Atlanta regained its accreditation the same month after revoking it due to debt and poor management.

Universities postponed sports competitions in 2019 owing to the epidemic, and in 2021 they held virtual and hybrid contests.

To combat inflation and make up for some of the losses incurred by the pandemic, institutions are raising fees during this year’s homecomings, such as those imposed on vendors.

Not only colleges and universities are affected financially by post-pandemic homecomings. Additionally, benefiting from the increase in revenue each year are nearby restaurants, bars, and motels.

She anticipates a more significant economic impact this year as Durham’s hotels and event spaces are fully booked.

This year, vendor prices and tailgating places were up by at least $25; this is a cost that may quickly add up for businesses and guests attending numerous homecomings.

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