New survey from leading tween and teen research company, AK Tweens and Allykatzz.com reveals allowance is down and savings are up.
New survey from leading tween and teen research company, AK Tweens and Allykatzz.com reveals allowance is down and savings are up
A new "Tweens and Allowance" survey released recently by leading tween research, consulting and marketing company, AK Tweens, shows the trickledown effects of the current economic downturn have reached even the youngest marketing demographic.
The survey, conducted by AK Tweens, through AllyKatzz.com, the country's largest and only COPPA compliant, safe social networking site exclusively for tween girls, surveyed
AllyKatzz.com members, ages 8-15, from around the country on issues related to tween
allowance, tween spending and family spending.
Most notably, results show a 16 percent decrease in the number of tweens who receive an allowance from their parents, as compared to 2008. Of those who continue to receive an allowance, more than half 59 percent plan to save some or all of their allowance for a rainy day, a 13 percent increase from 2008 when only 46 percent planned to save some of their allowance.
Additionally, what they plan to spend their allowance on has also changed not insignificant when you consider that there are 28.5 million tweens in the US today who independently spend $51 billion annually and have considerable "sway" over another $170 billion spent on them by parents and family.
In 2008, tweens planned to save for clothes, the future and iPods, in that order. Now, the future is what they plan on saving for the most, followed by clothes, and cell phones taking the place of iPods in the third slot.
Unlike teens, tweens are too young to get jobs and make their own money so they remain dependant on their parents, who are feeling the crunch as well. In fact, 63 percent of tweens surveyed said their parents have cut back on overall spending since this time last year, with family travel (50 percent), 'fun foods' like snacks and sodas (48 percent) and clothes/shoes (46 percent) taking the biggest hits.
What does this mean to retailers? As Denise Restauri, AK Tweens founder and CEO, and the country's foremost marketing expert on tweenage girls, says, "We will see tweens learn the value of money for the first time, and because they will need to strategize how they want to spend it, they will develop into a generation of conservative spenders and smart comparison shoppers. Their loyalty will lie in the brand/retailer that gives them the biggest bang for their buck."
ABOUT AK TWEENS
AK Tweens is the leading consulting, research and marketing company that captures the
thoughts and opinions of tweenage girls and is built around the country's largest and only COPPA compliant tween social networking site, AllyKatzz.com.