NEW YORK — While today’s teens and tweens typically get more excited by techno-toys like iPods and Web cams than fashion, there’s still some serious youth business for apparel marketers to capture.
This story first appeared in the April 16, 2003 issue of WWD. Subscribe Today.
Tina Wells, chief executive officer of Erial, N.J.-based agency Buzz Marketing, projected the country’s 28.2 million teens will appropriate about 35 percent, or $61 billion, of their anticipated $173 billion in direct spending to apparel this year. And she estimates 28.4 million tweens, ages 8 to 12, will fork over approximately 10 percent, or $1 billion, of their $10 billion in personal funds for fashion.
That $62 billion in anticipated apparel spending excludes the influence those youths will exert on their parents to purchase various things, one that marketing observers have noted is far greater than that of prior generations of teens. For instance, Wells estimates tweens will affect $74 billion of their parents’ spending this year. Tweens themselves spend an average of $8.87 weekly, or $35.48 a month, a figure that rises to $12.58 for the 12-to-14-year-old set, Wells reported. Teens, by comparison, spend an average of $87 a week, or $348 a month.
Girls account for 49 percent, or 25.7 million, of America’s 52.4 million teens and tweens, who represent two-thirds of the Millennial generation, youths and young adults ages 8-25.