The chart below says it all.
If kids 10 t0 26 are playing twice a day with the average session around 74 minutes that is a lot of time spent in front of a console just chilln’. That is a whopping 37.5 days a year!!!!!
But if ever the principles of Marketing 101 applied, they are especially crucial here. Neglect fact-finding, listening, testing and follow-up, and you’d be better off not even trying to reach this savvy, cynical, evolving-at-light-speed market.
Clients often speak about the huge spending power and the impact of consumer dollars from this demographic but the reality is, not only are these young people earning more money and getting more access to money there are more choices for them and more products or services specifically targeted to them.
So you have to be different, you have to be intrusive. You have to be that much more unique relative to all the other messages they’re getting.
The spending power is indeed impressive. Aggregate spending by U.S. tweens reached nearly $41 billion in 2005, a jump of 33.3% over tween expenditures in the year 2000.
Today’s teens the leading edge of “Generation Y,” as demographers prefer to call them already constitute a bigger market than the baby boomer, USA Today has reported, citing research firm Yankelovich Partners: 77.6 million born since 1979, versus 76.8 million born between 1946 and 1964.
Teens in the USA have an average weekly expendable income of $94, says the firm; they represented a $122 billion market last year in direct expenditures, and are expected to spend $175 billion .
But those numbers are just the beginning tweens and teens have an increasing say in parents’ purchases for the entire family as well. This influence ranges from color and model of vehicle purchased to family vacations foe example, “Shall we go to the beach or the mountains?”
And then there’s the future, another compelling reason to reach the tweens age groups now. While teenagers comprise a large chunk of Burton Snowboards’ business, about one-third, the manufacturer also is ramping up efforts toward the 12-and-under group, which now totals about 8% of its business. Not just because it’s a growth market in itself, with more and more kids getting into the sport; these kids are potential long-term customers throughout their lives.
“It’s an opportunity to start a relationship through the teen years,” said David Schriber, Burton’s vice president of marketing. What’s more, “there’s good statistical evidence to show that the younger you start [with such sports], the more avid you remain later in life. It becomes part of your lifestyle.