Mar 26, 2018
New data reveals how they impact what parents buy and how much money they spend.
Kids have a tremendous influence on consumer spending. In fact, in the U.S. there are 50 million kids age 11 and under1 who wield $1.2 trillion in annual purchasing power2 in direct and indirect spending. Their opinions today will influence consumer trends far into the future, as 25% of brand preferences persist to adulthood.3
To understand how kids influence the purchasing decisions of families, Viacom recently conducted a national study of parents and their children.4
Here’s what we found.
It’s important to understand the motivations of parents as they balance the desires of their kids with the needs of the family. As much as parents want to teach their children life skills, they also want to make them feel respected. And while costs are always a consideration, so is the occasional splurge. Kids and parents alike look for products and brands that will bring the family together.