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Teenage consumers

Datamonitor
October 6, 2003
47 Pages - SKU: DFMN934223

Abstract Table of Contents Search inside this report Related Reports

Countries covered: Europe

Introduction:
Teenage marketing has been subject to a boom over the last few years. New insights have been accompanied by finer segmenting of the teenage market. However, marketers in many industries are making a U-turn as they realize the small size of the market precludes successful sub segmentation. This report answers the question as to whether this is also true for banks.

Scope:
* UN and proprietary data on the size of different teenage market segments

* Proprietary data on income levels of teenagers

* Analysis supported by Financial Services analysts as well as academics and consumer experts

* Coverage of Western Europe, with country data for Germany, France, the UK, Spain, Italy, Sweden and the Netherlands

Report Highlights:
Teenagers made up 8.8% of the total Western European population in 1997. By 2007, this will have fallen to 8.2%. The total European market value is 6.0bn for tweens and 10.5bn for 14-to-17 year-old teenagers in 2002.

The effect of independence parenting will be that current and future generations of teenagers will have much more of a say over who they bank with.

Current approaches to marketing to tweenagers often fail to take into account the level of development of tweenagers and their need to affirm their maturity.

Reasons to Purchase:
* Size the total market for tweens and teens in terms of income and customer base to determine your market share in these segments

* Receive new insights on current trends, action points and a new paradigm to approach the teenage market as you should today

* Learn from one of Europe's most powerful teenage banking propositions

TABLE OF CONTENTS
CHAPTER 1 INTRODUCTION 7
What is this report about? 7
Who is the target reader? 7
How to use this report 8
CHAPTER 2 YOUTH STRATEGIES 9
Customer-centric marketing 9
Segmenting youth 10
CHAPTER 3 MARKET CONTEXT 12
The number of teenagers in Europe 12
Discretionary funds 14
Teenagers and tweenagers 17
Sources of income (tweens only) 20
CHAPTER 4 TEENAGE NEEDS 22
Basic tweenage needs 22
Aspirational ages 23
Developmental compression 24
Marketing awareness and media saturation 25
Changing social structures 26
Independence parenting 27
CHAPTER 5 APPEALING TO YOUNGSTERS 28
Teenage switching 28
A model for marketing to tweens 29
Primary guidelines 30
Best Practice 31
A brief background to Axion 31
Much of Axion’s success stems from its excellence in branding 32
Innovative product offerings? …Not quite! 38
Axion’s distribution strategy benefits from Dexia’s coverage 39
Others have tried to emulate Axion’s success 39
Future direction: more of the same but with greater reach 42
What lessons should be learnt from Axion? 42
CHAPTER 6 APPENDIX 44
Further reading 44
Do you need further information? 45
Datamonitor financial services consulting 45
FS writing team 46

LIST OF TABLES
Table 1: Teenagers as a percentage of the total population, by country in Western Europe, 1997-2007 14
Table 2: Funds managed by Western European teenagers in a discretionary fashion, by country, 2002-2007 16
Table 3: 14-to-17 year olds as a proportion of all teenagers in Western Europe by country, 1997-2003 18
Table 4: Annual teenage income by age subsegment, 2002-2007 19
Table 5: Tweens’ sources of discretionary income (per week), 1997-2002 20

LIST OF FIGURES
Figure 1: Groups in the youth market 10
Figure 2: Number of teenagers in Western European countries descends, 1997-2007 12
Figure 3: Teenagers become a smaller segment of the total population, 1997-2003 13
Figure 4: Yearly per capita teenage income in Western Europe by country, 2002-2007 15
Figure 5: Differences of discretionary funds with age, 2002 17
Figure 6: 14-to-17 year olds hold about two-thirds of teenage income, 2002 18
Figure 7: Pocket money makes up 60% of tween income, 2003 20
Figure 8: US youths and their aspirational ages 24
Figure 9: Model of product design and age targeting 29
Figure 10: In addition to standard banking product, Axion offers a number of ‘extra-banking’ services online, April 2003 35
Figure 11: Dexia’s Axion: more fun than banking, 2003 37
Figure 12: Other Belgian retail banks have attempted to emulate Axion’s success by introducing their own youth offerings, 2003 41

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