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Main Government and Public Sector Social Studies Spending Power of the Teen Consumer - US
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Spending Power of the Teen Consumer - US

DateSep, 2006
Pages73
Price / format$3995 / Online Download
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Abstract:
 This 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.


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




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