Profit Off Of The Willfully Clueless Teenager
In order to know whether a human being is young or old, offer it food of different kinds at short intervals. If young, it will eat anything at any hour of the day or night. ~Oliver Wendell Holmes
If you want to recapture your youth, just cut off his allowance. ~Al Bernstein
The invention of the teenager was a mistake. Once you identify a period of life in which people get to stay out late but don’t have to pay taxes - naturally, no one wants to live any other way. ~Judith Martin
There’s nothing wrong with the younger generation that becoming taxpayers won’t cure. ~Dan Bennett
If you’ve ever had a teenager in your life - or been a teenager for that matter - you probably know that many of them live with a different mentality than the rest of the world, hence the reason for the observations above.
When you’re a teenager, the world seems a lot smaller. Funny enough, in many cases that world doesn’t seem to fit much more than Hollywood and the local high school. And that’s exactly why the 13 - 18 age group doesn’t appear to care that there’s a recession.
Case in point: Their spending habits before everybody else started guarding their wallets vs. after…
Survey Says…
Australian business information analyst IBISWorld reported recently that the 5%+ of its population comprised of teenagers are shopping as usual. The company’s general manager, a Mr. Robert Brant, attributes this ongoing trend to the “highly subsidized” lives the majority of adolescents live thanks to the part-time jobs they hold on the side.
“Unless their parents have been made redundant, lost a business or had to sell the family pad,” he goes on to explain, “it’s little wonder the younger generation’s impression of the global financial crisis is distinctly indifferent.”
And Reuters also cites Raghu Rajakumar, an analyst who easily generalized young people in other parts of the Western world. According to him, Australian youth are hardly alone in their consumerist pursuits, despite the harder hits the U.S., England and countries within the E.U. have taken.
You can blame that partially on parents and partially on the kids themselves. I remember back last year as things started getting really hairy, there was more than one parent out there worrying about “sheltering” their offspring from the recession by buying them as much or more than they already had been.
Kids who live with such over-the-top considerate parents naturally grow up to be the teens that Bryant so perfectly captures: The ones that think about the here and now, who concentrate on the flashy, the trendy and one upping their peers (read: competition), and emulating the starlets and stars of today. Naturally, keeping up with the Jonses requires spending copious amounts of money.
While that behavior and attitude can’t be particularly healthy in the long run, there is a way to profit from it for the time being. Research shows that teens flock towards the following in high numbers:
- High-End Fashion, which according to Reuters grew by 2% this past financial year.
- Music Downloads - Think Apple Inc. (Nasdaq: AAPL), Wal-Mart Stores Inc. (NYSE: WMT) and Amazon.com Inc. (Nasdaq: AMZN)
- Movies and Videogames - Netflix Inc. (Nasdaq: NFLX) and Nintendo Co Ltd.
Monday, August 17, 2009 - by Jeannette Di Louie, Assistant Editor, Mt. Vernon Research
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