|
Published by: Mintel International Group Ltd.
Published: Apr. 1, 2008
Table of Contents
- Scope and Themes
- What you need to know
- Definition
- Data sources
- Spending data
- Consumer survey data
- Abbreviations and terms
- Terms
- Executive Summary
- Changing composition of U.S. teens
- Parents a major source of teen spending money
- More evidence of a slowdown in spending
- Leisure spending reserved for mostly lifestyle items, entertainment
- Teen spending affects mainstream trends
- Teens are enamored with electronics
- Teens are engaged in non-traditional digital media
- Market Background
- Key points
- Number of teens declining
- Figure 2: Population, by age, 2002-12
- Figure 3: Households with children under age 18 present, 2001-06
- Teens become more racially and ethnically diverse
- Figure 4: Population, by race/ethnicity, age 12-17 only, 2003-13
- Figure 5: Population, by race and Hispanic origin, 2003-13
- Figure 6: Median household income, by race of householder, 2002-06
- Fewer jobs mean less money
- Figure 7: Trends in summer employment rates of teens, 2000-06
- College plans impact spending habits for some
- Figure 8: Whether teens plan to go to college, by gender, 2006 and 2008
- Figure 9: How teens plan to pay for college, 2006 and 2008
- Teens, Money and Income
- Key points
- Teen spending expected to decline through 2012
- Figure 10: Total U.S. teen spending at current prices, 2002-12
- Figure 11: Total U.S. teen spending at inflation-adjusted 2007 prices, 2002-12
- More than half of teens receive allowance, but jobs pay much better
- Figure 12: Teens’ sources of spending money, by gender and age, May 2006-June 2007
- Figure 13: Weekly amount for allowance/doing chores, by gender and age, May 2006-June 2007
- Figure 14: Weekly salary before taxes, by gender and age, May 2006-June 2007
- Teens and Banking
- Key points
- Savings accounts the most popular financial instrument among teens
- Figure 15: Teen ownership of financial instruments, summary, February 2008
- Younger girls are strong savers
- Figure 16: Teens’ saving account balances, by gender and age, February 2008
- Teens are realistic about credit and debt
- Figure 17: Teens’ attitudes towards debt and credit cards, by gender and age, May 2006-June 2007
- Financial institutions make it easier for teens to spend
- What Teens Spend Money On
- Key points
- Clothing and music top the list
- Figure 18: How teens spend allowance money, 2005 and 2007
- Clothing makes the teen
- Teens like coffee, too
- Leisure reading on the decline
- Figure 19: Percentage of teenagers who read almost every day for fun, November 2007
- Teens and music
- Teens are dictating music industry’s next steps
- Teens want their music, but they don’t necessarily want to pay for it
- Growth of downloads outpacing CD sales
- Figure 20: Forms of music bought in last 12 months, 2005 and 2007
- Teens want to choose their music à la carte
- Figure 21: Number of music downloads bought in last 12 months, 2005 and 2007
- Industry must find a middle ground to address file sharing
- What does this mean for the music industry?
- Teens respond to vinyl records
- Teen Shopping Trends
- Key points
- Incidence of spending on selected categories
- Figure 22: Incidence of spending on selected categories in last 12 months, by gender and age, February 2008
- Clothing the most common source of spending for teen girls
- Fast food the most common purchase for boys
- Over a third of teens have paid for their mobile phone or phone bill
- Likelihood of buying from selected clothing brands/retailers
- Figure 23: Clothing brands/retailers teens likely to buy from, by gender and age, February 2008
- Siblings Old Navy and Gap looking to sharpen image
- Teen boys favor Levi’s and Old Navy
- Pink capitalizes on the popularity of loungewear as outerwear
- Teen girls favor specialty stores across a range of price points
- Likelihood of shopping selected shoe brands/retailers
- Figure 24: Shoe brands/retailers teens likely to buy from, by gender and age, February 2008
- Six out of ten teens are likely to buy Nike
- Adidas and Reebok team up
- Teens appreciate saving money on shoes
- Likelihood of shopping selected personal care retailers
- Figure 25: Personal care retailers teens likely to buy from, by gender and age, February 2008
- Specialty retailers resonate with teen girls
- Walgreens tops the list of retailers favored by teen boys
- Likelihood of shopping selected discount retailers
- Figure 26: Discount retailers teens likely to buy from, by gender and age, February 2008
- Teens value the savings and one-stop shopping appeal of Wal-Mart and Target
- Teen girls are more likely to favor a wider variety of retailers
- Leisure Time Spending Occasions
- Key points
- Fast food
- Figure 27: Fast food outlets teens likely to buy from, by gender and age, February 2008
- At least eight out of ten teens are likely to buy from McDonald’s
- Teens aren’t all about burgers
- Dunkin’ Donuts might be able to capitalize on popularity of coffee drinks among more price-sensitive teens
- Obesity concerns may affect future teen behavior
- Movies
- Teens are most frequent moviegoers
- Figure 28: Frequent (at least once per month) moviegoers by age group, 2002-06
- Movies catering to a younger audience report strongest sales
- Figure 29: Top 10 grossing films, by domestic box office and rating, 2007
- Online shopping
- Figure 30: Internet sites/retailers teens likely to visit/buy from, by gender and age, February 2008
- Most likely Internet destinations are not retailer sites
- More than half of teens are likely to buy from iTunes site
- Teens and Electronics
- Key points
- Teen ownership of selected electronics
- Out with the old, in with the newest technology
- Figure 31: Teen ownership of selected electronics, 2002-07
- Teen ownership of portable MP3 players
- Figure 32: Teen ownership of MP3 players, by race/ethnicity, May 2006-June 2007
- Stark differences in MP3 player ownership by race/ethnicity
- Teens might not be buying MP3 players for themselves, but they are willing to
- Popularity of iPod benefits market as a whole
- Figure 33: Brand of MP3/digital media player owned, May 2006-June 2007
- MP3 players in schools
- Teen ownership of mobile phones
- Keeping in touch is essential
- Mobile phone ownership on the rise among teens of all races/ethnicities
- Figure 34: Incidence of teens owning mobile phones, by race/ethnicity, 2002, 2005 and 2007
- Teens likely on family plans
- Smartphones for teens new trend
- Mobile phones crowding out ownership of digital phones among teens
- Figure 35: Digital camera sales, 2003-08
- Teen ownership of video game consoles
- Video games moving beyond the teen realm
- Media and Advertising
- Key point
- Introduction
- Television ads need an edge to catch teens’ attention
- Boost Mobile
- Figure 36: Boost Mobile television ad, 2008
- FiveStar Flex Binder
- Figure 37: Five Star Flex Binder television ad, 2008
- Fly Fusion Pentop Computer
- Figure 38: Fly Fusion Pentop Computer television ad, 2008
- Helio Ocean
- Figure 39: Helio Ocean television ad, 2008
- Nike 6.0 Sports Shoes
- Figure 40: Nike 6.0 Sports Shoes television ad, 2008
- Panasonic, Ecko Unlimited, and Vans
- Figure 41: Panasonic Digital Camera television ad, 2008
- Figure 42: Ecko Unlimited Footwear television ad, 2008
- Figure 43: Vans Sports Shoes television ad, 2008
- Social Networks
- Key points
- Social networks are integral to teen life
- Figure 44: U.S. Online social network advertising spending, by type of network, 2007-08, May 2007
- Figure 45: U.S. Online social network advertising spending, 2006-11, March 2008
- Popularity of social networks spawns new advertising techniques
- Widgets
- Recruiting brand advocates
- Profile branding
- Online video integrates advertiser messages in new ways
- Sponsored video
- Branded video
- Appendix: Other Useful Consumer Tables
- Respondent profile
- Figure 50: Demographic profile of teens surveyed, February 2008
- Household demographics of teen respondents
- Figure 51: Demographics of households with teens aged 12-17, May 2006-June 2007
- Trended data
- Figure 52: Discount retailers teens likely to buy from, 2006 and 2008
- Appendix: Trade Associations
AbstractTeen consumers are an important part of the U.S. economy, as this is the group most likely to embrace new technology and show the most enthusiasm for current trends that later filter into the mainstream. Teens make purchases to define themselves and to create an identity of their own making. Therefore, the products and services that are best geared for teens are those that reflect a certain attitude or statement about the wearer or user.
This report contains actionable suggestions for companies interested in learning about:
- How teen financial power has grown (and declined) and how it shifts when explored and filtered by factors such as ethnicity, household income and age.
- How teens become more realistic about money, establish savings plans, and become wary of debt as they grow older.
- How the reversal in teen spending from a long period of growth ending in 2003 to decline in 2007 may have been a leading indicator for current economic weakness-and a guide for what will happen in 2008-12.
- How girls are more active shoppers than boys in most categories but both genders demonstrate that they are more conscious of what they look like and where they shop than previous generations.
- Which electronics are most popular among today's teens, and why.
- How, more than past generations, today's teen consumers are concerned about connectivity; they need to be connected to friends and family, wherever they are.
- How new media competes against traditional media for teens' attention, and which methods have experienced success.
Get Full Details About This Report >>
|
|
US: 800.298.5699
Int'l: +1.240.747.3093
|
|
|
