2014 TREND INSIGHT REPORT – FONA

“…Parents are increasingly letting kids dictate, or at least have a vote on, purchases ranging from breakfast food to large ticket items like TVs, cars and
vacation destinations. “Decision-making within families today is almost entirely collaborative – and as kids become more influential, they’re impacting
purchasing decisions,” says Christian Kurz, vice president of research at Viacom International Media Networks….”

Fona.com [pdf report]:

PURCHASING POWER OF TEENS
The 25.6 million teens in the U.S. have a sizable say in what Mom picks up at the
store, and they also have a sizable amount of money in their own pockets to
spend — $91.1 billion, in fact. And when you look at youth as a whole (8-24 year
olds), they carry a whopping $211 billion in
spending power.
“When we look at what youth today personally own, it’s definitely more than
the generation before them and immensely more than what kids owned two
generations ago. What is also important to remember is that youths are not
passive receivers of things,” said Regina A. Corso, Senior Vice President for Youth
and Education Research at Harris Interactive. “Today’s youth actively have input
into what they have and what their families have.”
PURCHASES ARE COLLABORATIVE DECISIONS
Parents are increasingly letting kids dictate, or at least have a vote on, purchases ranging from breakfast food to large ticket items like TVs, cars and
vacation destinations. “Decision-making within families today is almost entirely collaborative – and as kids become more influential, they’re impacting
purchasing decisions,” says Christian Kurz, vice president of research at Viacom International Media Networks.
Girls tend to have more influence because they are more aware of items in the house and have more retail experience, says Renee Weber, VP Consumer
Strategy & Research for The Marketing Store Worldwide. Older kids, not surprisingly, also have more influence because they have more knowledge and are
able to form and state their opinions more clearly.

 

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