The current economic belt tightening has extended to even the most fickle of consumers, teens. And a recent Wall Street Journal report indicates that summer employment for teens may be scarce this year. But your clients can still target this demographic if you arm them with the right information.
Piper Jaffrey notes that the typical teen spends nearly half of his or her budget on apparel. They shell out another 10% of the budget on electronics though males spend slightly more in this category, typically on video games.
Brand preference extends through a wide variety of categories:
- Apparel: Hollister, West Coast Brands
- Electronics: Apple
- Premium Coffee: Starbucks
- Dining Out: Chipotle and Olive Garden
- Furnishings: IKEA/Pottery Barn
Since few teens can afford to buy everything they need, Piper Jaffrey also surveyed parents and discovered that while their spending on teen categories such as apparel is down, it’s still at a healthy $883 annually.
Overall, Piper Jaffrey's survey points to the importance of developing trendy branding campaigns to access the teen budget.
PiperJaffray Release 4.9.2008
Work and Family, Wall Street Journal, 4.23.2008