Spending power of Tweens
Tweens spend an annual average of $2047, comprised of pocket-money, gifts and savings. The average Australian child will earn $8.15 a week in pocket money. A significant part of their income is spent on impulse purchases for FMCG items like confectionary, fizzy drinks and snacks. What’s different about this current crop of 9 to 13-year-olds, however, is their interest in getting a bargain.
In the post GFC world, parents have educated their children about the importance of saving and restraint. While Australia has escaped largely unscathed from the financial collapse suffered in other parts of the world, Australian consumers are exhibiting caution and those lessons have been passed on to their children.
How to attract Tween shoppers
More than 70% of Tween purchase decisions are made jointly by parent and child but Tweens possess “pester power”. Even when a parent says ‘no’, Tweens persist. 6 of 10 Tweens will ask an average of 9 times for brands they want and that adds up. Retailers who help parents say ‘yes’ are best poised to get the Tween dollar. Techniques that appeal to both parents and the liberal mindset of a Tween can be accomplished in a number of ways including:
- Showing nutritional information on signs
- Displaying ‘buy local’ program on signage
- Tapping into ‘fair trade’ and environmental programs for your promotions
- Use signs giving product information to help Tweens convince parents about a purchase
- Use ‘was/now’ pricing on signage to display savings on purchases
- Incorporate multiple product promotions generating reduced savings
- Show reductions for volume purchases
What this means for retailers
Tweens have more spending money and influence with their parents than any previous generation. While they are still immature and prone to impulse buying, Tweens also demonstrate caution when making purchasing decisions. Discount and variety retailers are perfectly poised to attract the Tween consumer by showing economic advantages to purchase through their promotional signage.