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Teenage consumersPublished by: Datamonitor Published: Oct. 6, 2003 - 47 Pages Table of ContentsTABLE 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 AbstractIntroduction: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 Get Full Details About This Report >> |
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