If it were simply that, wouldn't we see a similar effect across socioeconomic backgrounds? Colds don't discriminate.
Anecdotally that seems to be the case in my kids' school district (although one complicating factor is that a lot of kids have family back in India or China and go back for long absences at winter break), and the culprit is generally illnesses, which have been extremely rough the past 2 winters.