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NEW YORK -- The market for products bought by and for the 25.6-million-member teen market will experience a growth spurt, increasing from $189.7 billion in 2006 to $208.7 billion in 2011 -- despite an estimated 3 percent decline in the 12- to 17-year-old population in that same period, according to a new study by market research firm Packaged Facts.
According to "The Teens Market in the U.S.," teen spending money, accumulated through paying jobs, allowances from parents, "as needed" money from parents, and monetary gifts, will increase an estimated 3.5 percent annually, raising the aggregate teen income 14.4 percent, from $79.7 billion in 2006 to $91.1 billion in 2011. The amount of money families spend on teens for food, apparel, personal-care items, and entertainment is expected to grow approximately 7 percent, from $110 billion in 2006 to $117.6 billion in 2011.
"Teens living in 2007 have never known a world without personal computers and the Internet," said Don Montuori, the publisher of Packaged Facts. "Teens are in the vanguard of the digital revolution in the media and marketing worlds, and they're helping to change the way media, marketing, and advertising executives approach the American consumer."
Based on an analysis of Simmons Market Research Bureau data, only 26 percent of all teens surveyed placed an online order in the previous three months, but more than half (51.6 percent) of the teens surveyed said the Internet has changed the way they spend their free time, with nearly one out of three viewing the Internet as their primary source of entertainment. Furthermore, more than 90 percent use a computer either at home or at school, making the teens market a laboratory to test new media and marketing models.
The Teens Market in the U.S. report examines the 12- to 17-year-old teen market, identifies how teens spend their time and their money, and highlights marketing approaches, strategic trends and marketing opportunities in the teens market.
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