How Kids Influence Family Spending
Kids have major purchasing power.
Have you ever heard the phrase, “Kids should be seen but not heard?” It’s hard to believe, but that was the prevailing notion not all that long ago.
Wow, have things changed! Today’s kids are very much seen and heard, and most importantly, listened to. Consider this. According to a March 24, 2016 article in Social Media Today, “a new study from Facebook has shown that 64% of parents believe that their children influence their decisions on where to go on vacation; that 62% of parents of teen children believe their kids have more influence on their purchasing decisions than they had over their parents before them; that 71% of parents believe their kids hold sway over how much they spend on products.”
These days, decision-making within the family is a democratic process ¬– everyone in the family participates and has a say. According to an article in Time Magazine, April 11, 2013, “Nearly all (parents) let the kids weigh in when what’s being bought is mainly for the kids themselves, but more than two-thirds of parents take their kids’ views into consideration when making family purchases.”
Influence = spending
The dollar amount of buying power kids have is staggering. Package Design Digest says today’s little kids and tweens (age four to 12) have $1.2 trillion in buying power. Yes, $1.2 trillion. That figure combines how much kids buy for themselves, and how much they are influencing their parents’ purchases. “For instance, 60% of all tweens today have substantially influenced their parents’ final decision on which car to buy.”
It’s undisputable; kids’ opinions are very important influences in their families’ purchase decision-making. And how do you do communicate most effectively with kids about your product so they in turn want it for themselves or their family? As expressed in recent articles, the three key messaging elements – non-celebrity influencers, custom content, and video – are more impactful than ever before.
What’s engaging (and influencing) tweens
In a July 2017 MediaPost article, “Influencer Market the Gen Z Way” author Victor Ricci writes, “But as more brands learn more about the Gen Z persona, some are beginning to look beyond traditional social influencer marketing methods. They’re turning to new, non-celebrity influencers who are focused on a particular theme and topic – such as fitness, nutrition, beauty, cooking, etc. – and have large, fiercely loyal follower bases. These brands are discovering that engaging these influencers for longer, sustained campaigns at a fraction of the cost can help forge strong connections with Gen Z consumers, driving deeper engagements and ultimately, more sales and revenue.”
Another article in MediaPost outlines the new findings from a Time, Inc. study that shows just how important the right content is to Gen Z. The study that found Gen Z, “is quite open to custom content, with 93% of respondents in that demographic saying they want to see brands do something new, unique, or creative to get their attention; 88% indicating that custom content feels like a good way for new brands it hasn’t heard of to reach them; 84% agreeing that custom content is a way from brands to engage them; and 72% wanting video and infographics to better explore a story or data.”
The bottom line?
Kids’ views count. For a lot. More than ever. If you don’t have campaign for your kids’ product with the right elements, you are missing out on a tremendous opportunity to connect with and build a lasting relationship with an incredibly powerful generation.
Find out how the KidzVuz Influencer Network can help you share your product with the world. Request a capabilities deck today.
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