US Teens Can Buy The Entire Russian GDP by 2006

US Teens Can Buy The Entire Russian GDP by 2006

According to The U.S. Teens Market, a new report from Packaged Facts, by 2006 12- to 19-year-olds in the United States are projected to have a buying power that will top the $182 billion gross domestic product of Russia, increasing a staggering 27.7% to $190 billion between 2001 and 2006 due to higher earnings from jobs held by teens, as well as a jump in family expenditures on teens.

"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.

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