A new "Tweens and Allowance" survey released today by leading tween research, consulting and marketing company, AK Tweens, shows the trickle-down effects of the current economic downturn have reached even the youngest marketing demographic.
The survey, conducted by AK Tweens, through AllyKatzz.com, the country's largest safe social networking site exclusively for tween girls, surveyed AllyKatzz.com members, ages 8-15, from around the country on issues related to tween allowance, tween spending and family spending.
Most notably, results show a 16% decrease in the number of tweens who receive an allowance from their parents, as compared to 2008. Of those who continue to receive an allowance, more than half -- 59% -- plan to save some or all of their allowance for a rainy day, a 13% increase from 2008 when only 46% planned to save some of their allowance.
Additionally, what they plan to spend their allowance on has also changed -- not insignificant when you consider that there are 28.5 million tweens in the US today who independently spend $51 billion annually and have considerable "sway" over another $170 billion spent on them by parents and family. In 2008, tweens planned to save for clothes, the future and iPods, in that order. Now, the future is what they plan on saving for the most, followed by clothes, and cell phones taking the place of iPods in the third slot.
Unlike teens, tweens are too young to get jobs and
make their own money so they remain dependant on their parents, who are
feeling the crunch as well. In fact, 63% of tweens surveyed said their
parents have cut back on overall spending since this time last year,
with family travel (50%), 'fun foods' like snacks and sodas (48%) and
clothes/shoes (46%) taking the biggest hits.