Crisis-proof teens in a buying frenzy
Young people can't be dissuaded from shopping
Young people are not dissuaded from shoppingBruno Amstutz Despite the depressing world situation, terror and economic downturn, young people in Germany seem to have an undiminished enthusiasm for shopping - in contrast to the older generation. This is the conclusion drawn by the Youngcom agency in its study "Teens: Consumption despite the crisis".
Teens are not so easily shaken in their consumer behavior: despite the "crisis autumn" of 2001 and the imminent introduction of the euro, they are hardly spending less money.
In October 2001, the Munich-based agency for integrated youth communication Youngcom surveyed 498 young Germans aged between 13 and 20 to find out how they feel about consumption. More than half said they spent the same amount of money as usual, and around 18 percent even more. Just under 20 percent of respondents spent less money because they were saving up for a purchase and only 9.6 percent cited personal insecurity as a brake on spending.
Michael Simperl, Managing Director of Youngcom, is not surprised by the results: "The stable consumption among young people is easy to understand: Many still live with their parents and therefore have no fixed costs, but often have relatively high incomes thanks to pocket money and part-time jobs." Simperl also attests that young people generally have a more carefree approach to money.
However, young people's consumption did not increase in all sectors. Spending was boosted by short-lived consumer goods such as clothes, shoes and accessories as well as nightlife. Cell phones and the Internet also made the market roll faster than before. For larger and more durable investments such as consumer electronics, furniture or sports equipment, teenagers were digging less deep into their pockets in October than before.
Youth marketing pays off even in times of crisis
Pocket money is still the most lucrative regular source of income for young people, followed by gifts of money from relatives. Around 40 percent of those surveyed have a part-time job, while 22.1 percent already receive a regular salary. Cash is also the biggest Christmas gift wish for two thirds of teenagers, followed by clothes and shoes as well as vacations and travel.
According to Youngcom, with their sources of income and additional savings, young Germans represent a potential of 7.2 million consumers with a purchasing power of around 13 billion marks. And they obviously don't want to know much about saving.
"Teenagers also have a significant influence on the purchasing decisions of adults," adds Simperl. Youngcom's conclusion from the study is clear: youth marketing pays off even in times of crisis.
Teens are not so easily shaken in their consumer behavior: despite the "crisis autumn" of 2001 and the imminent introduction of the euro, they are hardly spending less money.
In October 2001, the Munich-based agency for integrated youth communication Youngcom surveyed 498 young Germans aged between 13 and 20 to find out how they feel about consumption. More than half said they spent the same amount of money as usual, and around 18 percent even more. Just under 20 percent of respondents spent less money because they were saving up for a purchase and only 9.6 percent cited personal insecurity as a brake on spending.
Michael Simperl, Managing Director of Youngcom, is not surprised by the results: "The stable consumption among young people is easy to understand: Many still live with their parents and therefore have no fixed costs, but often have relatively high incomes thanks to pocket money and part-time jobs." Simperl also attests that young people generally have a more carefree approach to money.
However, young people's consumption did not increase in all sectors. Spending was boosted by short-lived consumer goods such as clothes, shoes and accessories as well as nightlife. Cell phones and the Internet also made the market roll faster than before. For larger and more durable investments such as consumer electronics, furniture or sports equipment, teenagers were digging less deep into their pockets in October than before.
Youth marketing pays off even in times of crisis
Pocket money is still the most lucrative regular source of income for young people, followed by gifts of money from relatives. Around 40 percent of those surveyed have a part-time job, while 22.1 percent already receive a regular salary. Cash is also the biggest Christmas gift wish for two thirds of teenagers, followed by clothes and shoes as well as vacations and travel.
According to Youngcom, with their sources of income and additional savings, young Germans represent a potential of 7.2 million consumers with a purchasing power of around 13 billion marks. And they obviously don't want to know much about saving.
"Teenagers also have a significant influence on the purchasing decisions of adults," adds Simperl. Youngcom's conclusion from the study is clear: youth marketing pays off even in times of crisis.
