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The Purchasing Power of the Teen Market — Can they Really Buy the Entire Russian GDP by 2006? 03/14/2005
A recent report from Packaged Facts on the U.S. Teen Market estimates that by 2006, 12-19-year-olds in the United States will have buying power to top the $182 billing gross domestic product of Russia. Between 2001 and 2006 it is estimated that teen-age buying power will increase by 27.7% to $190 billion due to higher earnings from jobs, as well as larger family expenditures on their teen-agers. Don Montuori of Packaged Facts stated that, “Since 1999 we have seen jumps in the economic influence of teens’ preferences in almost every product area, including clothing, personal care items, technology and entertainment.” Marketers who have not already evaluated the teen market and their power as consumers may need to look again as this audience continues to assert its purchasing power over the marketplace.
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