"Teens are increasingly in control of purchasing decisions, both for themselves and within families," said Don Montuori, Acquisitions Editor of Packaged Facts. "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."
As the buying power of teens increases, the percentage of teens that come from multicultural backgrounds is also projected to grow. According to the report, by 2006 non-Hispanic Whites will only account for 60% of the total teens population and the Hispanic population will constitute the largest minority group. Not surprisingly, an increasingly diverse and wealthy population of teens has caught the attention of marketers who are quickly moving to position their products as appealing to a multicultural audience.
For more information visit www.MarketResearch.com.