In recent years it’s become clear that the word “family” doesn’t have to mean a mother, father and 2.5 children, says the report. Some families are multi-generational where grandparents have a bigger role in raising their grandchildren, or include two same sex parents, and these new families translate to big bucks for retailers and marketers.
60% percent of multi-generational parents are spending more on groceries for children this year compared to last, and 51% are doling out more cash for clothing and accessories. Meanwhile, 43% increased their spending on footwear for children this year, and 40% are spending more for personal care products.
In addition to groceries and clothing, 58% of multi-generational parents say they sometimes spend more than they should on non-essential items for their children, and 33% agree that they are willing to spend more on their children if it means keeping up to date with the latest trends.
Gretchen Grabowski, travel and leisure analyst at Mintel “… as more Americans raise children in multi-generational households, they are… encouraging product and service providers to reconsider… how they market to parents and families… Brands that… acknowledge and embrace… changing scope of family… should consider their needs in… product or service promotions… “
Concluding, the report notes that 35% of multi-generational households agree that seeing families like theirs in advertisements encourages them to buy products, compared to 29% of all parents surveyed.
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