Buying Power of Kids
The buying power of kids tops $18 billion. Preschoolers aged 3 to 5, younger kids aged 6 to 8, and tweens aged 9 to 11 -- a compact consumer group that's nearly 36 million kids strong -- continue to pack a punch in purchasing power, which in 2005 was estimated to be $18 billion, according to The Kids Market in the U.S., a new report from market research publisher Packaged Facts.
Packaged Facts projects the kids market will experience substantial growth during the next four years, reaching $21.4 billion in disposable income by 2010. Concurrently, families spend more than $115 billion on kids in key consumer areas, such as food, clothing, personal-care items, entertainment, and reading materials. Almost half of this total, $58.3 billion, is devoted to food expenditures. By Packaged Facts estimates, annual expenditures by families on consumer goods for kids will reach approximately $143 billion by 2010.
Marketing to this big-money demographic can be tricky, however, as each age group has distinct tastes, buying habits, and levels of influence over purchasing decisions-not to mention additional influences, such as race, education level of parents, and household income. Then there are the wider-ranging kid issues that have focused anew the spotlight on the potential business and societal risks related to kid marketing.
"The major industry-wide efforts to proactively respond to kid issues, such as obesity, internet safety, and the appropriateness of marketing and promotions directly targeting children, have certainly impacted the market," said Don Montuori, the publisher of Packaged Facts. "While these need to continue to be major concerns, marketers would be wise to adapt to the rapidly evolving consumer attitudes and habits of today's media-saturated kids-and their families-by going beyond what's politically correct to find more meaningful and age-affirming ways to reach this demographic where they are."
Now in its 7th edition, The Kids Market in the U.S. provides the most comprehensive look at every aspect of kids as a consumer group. It includes advertising and strategic trends, and far-reaching market opportunities. This report is available from Packaged Facts by clicking: http://www.packagedfacts.com/pub/1119536.html. It is also available at
http://www.marketresearch.com/ .
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