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Published by: Mintel International Group Ltd.
Published: Sep. 1, 2006 - 73 Pages
Table of Contents
- INTRODUCTION AND ABBREVIATIONS
- Introduction
- Definition and data sources
- Abbreviations and terms
- Abbreviations
- Terms
- EXECUTIVE SUMMARY
- Changing composition and attitude of the teen population
- Parents a major source of spending money
- Teens are bargain shoppers
- Teens don’t limit their clothing purchases to brick and mortar stores
- Leisure spending
- Teens respond to non-traditional media
- Future prospects
- MARKET BACKGROUND
- Demographic shifts among teens
- Figure 1: Population projection of teens aged 12-17, 2000-15
- Figure 2: Racial and ethnic composition of teens aged 12-17, 2005-15
- Figure 3: Racial and ethnic composition of the total US population, 2000-50
- Decreasing labor force participation among teens
- Teens’ concerns for the future
- Figure 4: Teens’ attitudes toward school and career, by age and gender, January-September 2005
- Figure 5: Teens’ expected methods of paying for college, by age and gender, August 2006
- TEENS, MONEY AND INCOME
- Introduction
- Figure 6: Total US teen spending, at current and constant prices, 2001-06
- Sources of income
- Figure 7: Teens’ sources of spending money, by age and gender, Fall 2005
- Figure 8: Amount of weekly allowance, by age and gender, January-September 2005
- Working for pay
- Figure 9: Weekly pre-tax earnings among teenagers holding a job, by age and gender, January-September 200515 Types of teen jobs
- Figure 10: Top ten industries for teen employment, July 2005
- What teens spend their money on
- Figure 11: Purchases made with allowance money, by age and gender, January-September 2005
- Teen attitudes toward money and spending
- Figure 12: Teen attitudes toward money, spending and saving, by age and gender, January-September 2005
- Teens, banking and finance
- Figure 13: Teen ownership of financial instruments, by age and gender, August 2006
- Credit cards
- Figure 14: Teen attitudes toward credit cards, by age and gender, January-September 2005
- TEEN SHOPPING TRENDS
- TEEN ATTITUDES TOWARD SHOPPING
- Figure 15: Attitudes toward shopping, by gender and age, January-September 2005
- HOW TEENS SHOP
- Shopping for clothing
- Figure 16: People with whom teens shop for clothing, by gender and age, January-September 2005
- Figure 17: Person(s) paying for teen clothing purchases, by age and gender, January-September 2005
- Figure 18: Teen attitudes toward their looks and clothing, by age and gender, January-September 2005
- Teen shopping focus: jeans
- Figure 19: Incidence of buying jeans, by teens, in the past 12 months, by age and gender, January 2006
- Brands of jeans bought
- Figure 20: Brands of jeans bought by teens, by gender and age, May 2004-May 2005
- Where jeans are bought
- Figure 21: Where teens buy jeans, by gender, January 2006
- Average amount spent on jeans
- Figure 22: Average amount spent on last pair of jeans by teens, by age and gender, January 2006
- Teen shopping focus: music
- Figure 23: Teen purchases of recorded music in the past 12 months, by age and gender, January-September 2005
- Figure 24: Teen purchases of CDs, by age and gender, January-September 2005
- Figure 25: Types of music purchased by teens, by age and gender, January-September 2005
- Figure 26: number of music downloads purchased in the past 12 months, by age and gender, January-September 2005
- WHERE TEENS SHOP
- Teens and shopping malls
- Figure 27: Frequency of mall visits within a four-week period, by gender and age, January-September 2005
- Internet shopping
- Figure 28: Incidence of using PC or Internet, by age and gender, January-September 2005
- Figure 29: Online activities performed by teens in the past 30 days, by age and gender, January-September 2005
- Figure 30: Types of online purchases made by teens in the past 12 months, by age and gender, January- September 2005
- Figure 31: Amount spent by teens on the Internet, by age and gender, January-September 2005
- TEEN LIKELIHOOD OF BUYING FROM SELECTED RETAILERS OR BRANDS
- Clothing stores and apparel brands
- Figure 32: Clothing stores and brands very likely to buy, by age and gender, August 2006
- Figure 33: Teen perception of clothing stores and brands, by age and gender, August 2004
- Discount stores
- Figure 34: Discount store brands very likely to buy, by age and gender, August 2006
- Shoe stores and brands
- Figure 35: Shoe stores and brands very likely to buy, by age and gender, August 2006
- Teens drive the athletic shoe market
- Fast food outlets
- Figure 36: Fast food brands very likely to buy, by age and gender, August 2006
- Internet services and websites
- Figure 37: Internet services and websites very likely to buy from, by age and gender, August 2006
- LEISURE TIME SPENDING OCCASIONS
- How teens spend their free time
- Figure 38: Leisure activities pursued by teen in the past 12 months, by age and gender, January-September 2005
- Eating out
- Figure 39: Teens’ patronage of fast food and family style restaurants, by age and gender, January-September 2005
- Figure 40: Teens’ average number of visits to restaurants in past 30 days, by age and gender, January-September 2005
- Movies and live entertainment
- Figure 41: Movie attendance by teens in the past 30 days, by age and gender, January-September 2005
- Figure 42: Number of movies attended by teens in the past 30 days, by age and gender, January-September 2005
- Figure 43: Genre of movie viewed by teens, by gender and age, January-September 2005
- Figure 44: Live entertainment attended in the past 12 months, by gender and age, January-September 2005
- TEENS AND ELECTRONICS
- VIDEO GAMES
- System ownership
- Figure 45: Teen video game usage, by gender and age, January-September 2005
- Figure 46: Hours of video games played by teens, by gender and age, January-September 2005
- Game and console purchase behavior
- Overview
- Figure 47: Video game purchase behavior agree summary, by gender, June 2006
- Number of games purchased
- Figure 48: Number of games purchased in last year by teens, by age and gender, June 2006
- Teens want their systems to do more
- Opinions and behaviors
- Figure 49: Teen game beliefs and behaviors agree summary, by gender, June 2006
- MOBILE PHONES
- Ownership
- Figure 50: Teen ownership of cell phones and pagers, by age and gender, January-September 2005
- Reasons a cell phone is not owned
- Figure 51: Reasons a mobile phone is not owned, by gender and age, June 2006
- Choosing a mobile phone
- Figure 52: Reasons for choosing mobile phone, by age, July 2006
- Features used
- Figure 53: Teens’ usage of mobile phone features, by gender and age, June 2006
- Brand preferences
- Figure 54: Mobile phone service brand preference, by age and gender, August 2006
- Mobile phones as fashion
- Figure 55: Teen attitudes toward the appearance of mobile phones, August 2006
- DIGITAL CAMERAS
- Teen camera ownership
- Figure 56: Teen still camera ownership, by type, May 2004-May 2005
- Expenditures on still cameras
- Figure 57: Cost of latest still camera bought by/for teens, May 2004-May 2005
- MEDIA AND ADVERTISING
- Overview
- Social networking
- Buzz marketing
- FUTURE AND FORECAST
- FUTURE TRENDS
- Demographic undercurrents
- Individualism vs advertising
- The craving for communication
- Teen girls: more interests, but also more financially responsible
- MARKET FORECAST
- Teen spending
- Figure 58: Forecast of total US teen spending, at current and constant prices, 2006-11
- APPENDIX: TRADE ASSOCIATIONS
AbstractThis report discusses the trends, misperceptions and other influences that have a bearing on teens’ attitudes toward money, including their attitudes toward financial matters, their banking practices, and most of all, defining the spending power of today’s teen. Contrary to popular perception, the spending power of teens is not increasing, but has declined 12% from 2003 to 2006. In addition, the teen population is not expected to grow significantly in the next ten years.
Nonetheless, with estimated spending power of $153 billion in 2006, teenagers present a vast marketing opportunity that is multifaceted and touches on many products and services. To successfully target teen consumers, manufacturers and marketers need to be aware of demographic changes in the teen population. The proportion of white teens is yielding to increasing numbers of Hispanics and Asians. This is a phenomenon that could have repercussions for teens’ cultural attitudes, including how they spend and save their money.
On the retail front, much has been made of teens’ attraction to the youthful image projected by retailers like Abercrombie & Fitch; teens themselves have given high marks to this retailer as one “for someone my age.” Yet when it comes to actual shopping behavior, their money tends to go to more affordable stores like Old Navy and American Eagle Outfitters, and even more so to Wal-Mart and Target.
In this report, Mintel clearly identifies the principal external factors driving or curtailing growth. Exclusive consumer research reveals the attitudes, needs and behavior of consumers, with analysis broken down both by demographic characteristics, and by segment.
Six years of specific sales data provide a factual and impartial presentation of the market as a whole. Mintel also evaluates the performance of individual sectors in the market, and provides information about the major companies and brands. Using the SPSS forecasting package, Mintel creates a five-year forecast of U.S. retail sales, revealing potential opportunities for growth and product development.
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