The amount of money stored up by adults during the pandemic has been well-documented but kids and teens also have nearly 18 months’ worth of unspent money.
Our new kids spending report Million Pound Kids: Mini Consumers reveals that British kids have squirrelled away £38m to spend.
Of the 8,000 British kids 7-14 we surveyed, nearly two thirds of kids (63%) revealed they have their own money to spend as and when they want.
The research also unveils spending habits of Britain’s mini consumers with 47% of their money being spent on the high street. As lockdown lifts kids are keen to venture outside and make mini purchases of “everyday treats” of food and drink to keep spirits high (52%) whilst 45% are using their money for toys and collectibles.
Recommendations are the biggest influence on children’s spending choices with 46% admitting they have purchased something after a friend has already bought it.
43% said that scrolling through Amazon had influenced their purchases whilst in 1in 3 (33%) said that social video sharing app TikTok gave them shopping inspiration, only just behind TV ads at 34%.
Savvy entrepreneurs, 17% of children have added to their own pocket money by making and selling things on the internet. In contrast, 16% of 7 – 14-year-olds confessed to getting money whenever they ask for it.
To find out more about these mini consumers sign up to our free monthly newsletter to download the Million Pound Kids: Mini Consumers spending report for free here.