There is another set of target audience that the marketers are engrossed in the Generation Y, and it is a billion dollar project. They have become a strong influencing group and even have the ability to influence the purchase decisions in the family from cakes to cars. Advertising to Juveniles is now more ubiquitous and is tasting success like never before. This is mainly because of the growing size of the kids' market and its influence, which was evident in 1990s, where the whole advertising industry tumbled, with the exception of programs for kids.
Currently,
the amount of money spent on marketing for kids is almost 20 times more than it
was in the 1990s. In fact, a recent report by Free Press, New York, stated that
approximately $15 bn are spent to target this part of the audience. Over the last
decade, the efforts of the marketers to reach children are really staggering and
want to discover an innovative line of attack to appeal to this section. As such
the children's consumer research for evaluating their attitude is going on and
on.
A
research report by Media Channel.Org revealed that children spending have doubled
every 10 years for the past three decades. It further revealed that in 1997, children
influenced $188 bn of their parents' purchases. In 1997, children aged between
4-12 spent $23.4 bn and in 1998, kids aged between 12-19 spent around $90 bn of
their own money. Kids represent a significant demographic to the marketers because
they have their own purchasing power. Marketers forecast that parents do spend
a lot for their children and presume these kids as future adult consumers. |
