Market Research Analysis - Teens

8 Pages 2091 Words

Recent studies have shown that understanding the complex teenage market is paramount to success in today’s rapidly changing market environment. The teenage market, ages twelve to seventeen, is the fastest growing market segment in America. Today’s teenagers, comprising 26% of the United States population, are spending more money than ever on material goods. A careful examination of this diverse market, specifically teenage girls, ages twelve to seventeen, will provide necessary insight for success.
There are an estimated 69.8 million people under age 18 (23 million of whom are teenagers) in the United States, making up 26 percent of the U.S. population. These individuals range in ethnicity; 72.4% white, 12.%1 black, 11.2% Latino, 3.6% Asian American and 0.7% Native American. Teenagers account for almost 31 million Americans and by 2010 it is estimated that this number will reach 35 million. Among Americans under the age of 35, only the teen segment will experience a boom over the next decade, according to Census Bureau estimates. Other youth segments will remain relatively unchanged.
In order to successfully market to teenage girls, one must understand the multidimensional profile of teenage girls. The typical teenage girl is spending more than ever, including their own money and money given to them from their parents. These girls spend large amounts of time in groups at malls or other large shopping facilities, discussing anything from school, to boys, to fashion. Also, teenage girls exhibit price insensitivity, that is, they do not focus on the prices of desirable material goods, simply whether or not they are trendy. They are also greatly influenced by media sources, particularly celebrity endorsements. And, finally, teenage girls are on the Internet, shopping, chatting with friends, and becoming acutely aware of today’s fashions, thereby influencing their purchase power.
Teenage girls have a high level of dis...