Teens are currently influencing almost all household purchasing decisions…from high-end automobiles to financial services to family vacations. Today’s teens are opinion leaders of today’s homes. If you’re not considering the teen influence when developing your marketing plan, consider this:
The teen population outpaced the growth of other segments of the population from 1990 to 2004. The number of teens, ages 12 to 19, soared to 32 million, an increase of nearly 4.5 million. This demographic is on-track to outpace the growth of the baby boomers. In other words, the United States is facing a massive population shift.
Today’s teens exhibit a much different belief system than their older counterparts (Generation X). Marketers who do not pay attention and adjust their marketing plans accordingly may be missing out on a tremendous opportunity. The current teen market is the most affluent in history. They are also the most multicultural population the United States has seen. They differ from previous generations in other distinctive ways as well. Today’s teens exhibit a strong need for individuality in their self-expression, however they also display a deep attachment and respect for family. In addition, they marry an interest in fashions of the moment with a sincere desire to purchase products from companies that have a social conscience.
Teens are also a robust part of the economy. They have a significant income of their own to spend and also wield increasing influence on household purchases. Teens spent $112.5 billion in 2003. 37.2% of teens report having a checking or savings account while only 5.3% have access to a credit card. In other words, teens spend cash — making them one of the most liquid asset-rich populations in the United States. They are most likely to buy clothing, food, entertainment, and jewelry. However, teens have tremendous influence over all household purchases and they are only a couple of years away from being the sole decision maker.
To learn more about marketing to teens, give us a call at
800-479-2616.
