The market for products bought by and for the 25.6-million-member teen market will undergo a slight growth spurt, increasing from $189.7 billion in 2006 to $208.7 billion in 2011, despite an estimated 3% decline in the 12-17-year-old population in that same period, according to “The Teens Market in the US” report from Packaged Facts.
According to the teens report:
- Teen spending money, accumulated through paying jobs, allowances from parents, “as needed” money from parents, and monetary gifts, will increase an estimated 3.5% annually, raising the aggregate teen income 14.4%, from $79.7 billion in 2006 to $91.1 billion in 2011.
- Packaged Facts estimates that 12-14-year-olds have an average annual income of $2,167; teens in the 15-17-year-old age group generate an average annual income of $4,023.
- The amount of money families spend on teens for food, apparel, personal-care items, and entertainment is expected to grow approximately 7%, from $110 billion in 2006 to $117.6 billion in 2011.
- Though non-Hispanic Whites account for 82% of those age 65 and over, they comprise only 61% of those in the 14-17-year-old age group. Multicultural kids in the 12-17-year-old age group now account for around 40% of the teen population.
- Nearly two out of three (64.9%) teens live in two-parent families.
- A substantial minority (35.1%) live with only one parent (29.1%) or with neither parent (6.0%).
- Around 40% of teens live in a household with an income of less than $50,000.
- Another 40% of teensÂ live in households with an income of $75,000 or more.
- Only 26% of all teens surveyed placed an online order in the previous three months, based on an analysis of Simmons Market Research Bureau data.
- But more than half (51.6%) of the teens surveyed said the internet has changed the way they spend their free time.
- Nearly one out of three view the internet as their primary source of entertainment.
- More than 90% use a computer either at home or at school.
“Teens living in 2007 have never known a world without personal computers and the Internet,” said Don Montuori, publisher of Packaged Facts.
“Teens are in the vanguard of the digital revolution in the media and marketing worlds, and they’re helping to change the way media, marketing, and advertising executives approach the American consumer.”