The Purchasing Power of American Youths Is Growing
As 2012 draws closer, the purchasing power of eight to 24 year old citizens in America is reaching $211 billion. The Harris Poll YouthPulse study for 2012 shows that young people have just as much money to spend as many older adults. Half of children under 12 buy their own toys and candy, with 28% making book purchases and nearly 20% buying their own clothes. Children from 13 to 17 still buy candy to the tune of 51% spending their own money on it. Clothing and entertainment account for purchases from respectively 42% and 33% of this group, which is understandable due to the focus on fashion and going out with friends that most teens have.
Harris Interactive polled 5,077 people between the age of 8 and 24 through an online survey. The survey was held in August of 2011. The results showed that kids have more money than ever before of their own, but they also have a greater influence on their parents’ purchases as well. 69% of teens have mobile phones and 34% claim to have chosen their phone or influenced their parents to purchase the one they wanted. This shows that children and young adults are having more input on the family’s purchases.
Teens and tweens are spending more time than ever online as well. Children between 8 and 13 spend an average of 8 hours engaged with some form of media, while teens spend over 12 hours a day. This includes nearly 4 hours of Internet time for teens. Companies that want to harness more of the total purchasing power of the younger generation should appeal to them through social and online marketing. Mobile marketing is also a growing trend as more children become equipped with smart phones and other devices.