Generation Y Spending Above Projections

Posted on by Chief Marketer Staff

American kids, teenagers and young adults, aged 8 to 21 years, have annual incomes totaling $211 billion, according to findings from Harris Interactive YouthPulse, an online study of the Generation Y population. The study found that this group spends at a rate of approximately $172 billion per year and is saving at a rate of $39 billion per year.

Annual income for these youngsters (resulting from either paid work or supplied by parents) is down from Harris Interactive’s projection of $231 billion in 2002, while spending is up from a projection of $155 billion in 2002. Not surprisingly, Harris Interactive found that spending power grows substantially with age and is concentrated in the upper end of the Generation Y age range.

“There are more than 57 million individuals in the 8-21 age group, and their influence on the consumer economy is immense. Generation Y’s needs and opinions drive many adult purchase decisions, and they, literally, represent the future market for most consumer brands,” said John Geraci, vice president of youth research at Harris Interactive. “It is a very optimistic generation, and they demonstrate a great deal of confidence that the economic rebound is around the corner and that good times are ahead for them.”

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