Our new consumer spending report Million Pound Kids: Mini Consumers reveals the four key trends when it comes to kids and teens 7-14’s spending habits.
Cash is King
Despite being digital masters, cold hard cash is still preferred by kids 7-14. Over half of the 8,000 kids and teens we spoke to (53%) keep their money at home and even when they get their own debit cards, many still keep cash on them for emergencies.
“I’ve got a bank card but I always have cash in the back of my phone for emergencies”
– Josh 11
Loving the High Street
Bricks and mortar shops are still preferred by kids. Online shopping is a key part of their lives but the majority enjoy the experience of getting out and about and browsing shops for inspiration.
“I’ve been loving going to the shops. I prefer to get out and look at the things instead of having to guess online what they look like”
– Lily 12
Multiple Revenue Streams
Pocket Money is only part of kids’ income streams. Today they can build up a cash pile from birthdays, celebrations, incentives and a substantial number are generating their own incomes through their own enterprise.
“If I really want something I’ll do chores and stuff – and then spend it straight away!”
– Theo 12
Kids are not just saving their money for big ticket purchases but are spending their cash on everyday luxuries. These mini consumers are choosing to spend on food and drink and small toys and collectibles each week.
“If I WANT it I buy it, if I NEED it mum buys it”
- Gabriella 11
To read about the trends in detail and find out what they mean for brands and organisations download our free Million Pound Kids: Mini Consumers report by signing up to our monthly newsletter here.