Think back to when you were a teenager and got your first job. Your first paycheck was a source of pride and that job was your first taste of freedom. Your first question might have been “who is FICA and why do they take a chunk of my hard earned wages”. Today’s teens are an large consumer segment who hold great influence on spending. A new report has been released that chronicles how much money they control and how they feel about money.
• Total teen spending is nearly $210 billion, the average income for a 15 to 17 year old is just over $4,000 annually
• Families spend nearly $118 billion annually to feed and clothe teenagers
• Over one in four teens consider themselves under-employed
• Three-quarters of teens say they are receiving the same or more in allowance this year vs. last year
What Does This Mean To You?
Teens can be a great revenue stream for almost every business. Whether they have job or are getting an allowance (or both), teens have little expenses and a great deal of disposable income. Teens are extremely socially and mobile-ly enabled. Having a robust, well developed mobile and social strategy can help you connect you with teens and the money they spend. Tomorrow, we’ll look at what teens spend their money and their attitude towards shopping. For more information on reaching teens, please contact
Source: Marketingvox; Rand Youth Poll