Rich and getting richer: The market force grows again
They've been labeled Millennial Kids, GenerationY, Echo Boomers and Generation 2000. Whatever you call them, one thing is certain—they are now on the brink of passing adults as the dominant marketing force in the United States.
USA Today recently reported on the research findings of several firms that track spending and marketing trends among today's adolescent population. The overall conclusion? The 12-19 year-old population is rapidly emerging as the "richest, smartest and savviest ever."
Here's a snapshot of the latest facts and figures on teen spending:
· In 1997, the teen population had $122 billion in disposable/discretionary spending.
· Projected disposable/discretionary spending for teens in 1998 is $141 billion.
· Teens have an average of $94 a week "to blow."
· The average teen visits shopping venues 54 times a year (as compared to 39 times for the typical shopper).
· During a visit to a shopping venue, the average teen spends $39.
(USA Today, 10/6/98)
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