In fact, it could
be argued that they spend more than 100%
of their money. Because in addition to
the income they might generate through a job or allowance, they often spend at
least some of their parents’ money, too.
Teenagers are not a wise market to overlook, because the money they have
access to could be described as almost
entirely discretionary.
(Caveats and counter-trends: Many teens are responsible for maintaining
their own smartphone contract and paying for their monthly gaming
expenses. Some buy their own clothes,
and some even have a car payment. And
post-recession, more teens are helping out with general household expenses when
a family has been impacted by job loss.)
Marketing Implications: If you’re not convinced just how big the
potential is in marketing to pre-adults, just ask some people who sell X-Box or
PlayStations, Droids or iPhones, or Abercrombie & Fitch. In addition to being ravenous about their
consumption of entertainment and fun (in-theater movies, theme parks, parties, etc.),
they are playing an ever-growing role in procuring goods for the household;
grocery and other shopping needs are often delegated to the youth of a
household, especially when there is more than one head-of-household that is
employed outside the home.
And by the way, the
older-end of this spectrum is also behind the wheel.
Which of your products
and services fit into the pre-adult life stage?
Have you found the best ways to connect with these consumers? (Beyond traditional media, they are fanatics
about social networking and micro-blogging; but getting into their group is not
always easy and requires both finesse and authenticity.) And when you think about the life-value
potential of gaining customers in their youth… the payoff can be
remarkable.
Mike Anderson, for The Marketing Mind consumer trends blog, service of
The Center for Sales Strategy.
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