Question

Please write 350 words about the current spending habits and preferences of American young-adult consumers. Plus cite your sources.

Answer 1

• Since many teenagers have part-time jobs or get an allowance from parents, they have reached the stage of life where they decide how to spend money. While image plays an important role in teen spending habits, that's not the only factor influencing their purchases.
• In the U.S. today there are roughly 20 million teenagers. In the past, teenagers were a market advertisers largely ignored. These days, things have changed quite a bit. Marketing firms have realized brand loyalty starts at a young age and is often carried to adulthood. Researchers have also found teenagers have money, and they want to spend it, but they expect to work hard for that money, so they will be pickier about the brands and products they buy. Teenagers are some of the biggest spenders, especially when it comes to clothing, gadgets, and entertainment.
• Today's teens are money savvy and don't generally blow all their money on goods and experiences. While about one-third of teens are saving up for clothes, technology devices, and cars almost half of them are putting money away for their education.
• Almost half of all teens name Amazon as their favorite website and about one in five prefer online shopping. In their social and mobile world teens love the ability to purchase things they see on social media in a quick and easy manner.
• Young Americans are far less likely to purchase a vehicle than they have been in the past, and the number of young people with driving licenses has decreased significantly over the last three decades.
• Technological purchases have emerged as far greater priorities among modern consumers, and this shift can be attributed to both cultural and economic factors.The multi-purpose nature of devices such as personal computers and smartphones also ensures that they offer far greater value for the consumer's money. In fact, these products are now central to the everyday function of young adults. Cars have become an optional and often unaffordable luxury.
• As much as the current economic climate is impacting consumer spending in the U.S., it is clear that cultural changes and a significant shift in the priorities of young adults are equally influential. Millennials in America have a different set of values and beliefs than their elders. Home and auto ownership are no longer as important as they once were. A negative perception of the economy is also discouraging young-people from making long-term future plans.
• https://www.investopedia.com/financial-edge/0912/what-young-people-are-spending-their-money-on.aspx
• http://www.experian.com/blogs/marketing-forward/2015/08/13/college-age-consumers-three-spending-habits-todays-young-adults/