Americas 25 million teens are a formidable consumer market. Wielding as much power as Baby Boomers, Mintel expects teen spending to reach $124 billion in 2004, up 45% from 1999. Though the population will decline somewhat by 2009, teen spending power is expected to remain strong, and their habits will influence the next generation of teen consumers.
In the past, marketers resigned themselves to waiting until teens grew up to establish brand loyalties. However, as marketers have become more sophisticated, analysts now use words like "smart," "complex" and "sophisticated" to describe this young consumer group. Companies will need to work hard to keep pace with this fast-moving, heavy-spending, tech-savvy target. Successful companies will anticipate the needs and wants of teens in order to attract and satisfy them.
This Mintel report provides a snapshot of the U.S. teen as an active consumer of products and media, affecting trends in clothing, technology and entertainment while carving out specific new market segments. Smart marketers who embrace new media and innovative marketing tactics will be more effective in communicating and interacting with this audience. This report explores the theme that todays teens require highly targeted, authentic, and entertaining messages through multiple channels in order to be reached effectively.
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