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Posted by Jackie Rousseau-Anderson on August 18, 2009
[Posted by Jackie Anderson]
Finding a niche market that is still willing to shell out big bucks (or any bucks) during a recession is a huge win for any company. Many people think that young consumers are a great target group during a recession because they are more oblivious to the overall state of the economy. But, is this belief true? To figure this out I channeled my inner MythBuster[i] and hunkered down with our latest youth data, just back from the field. While my colleague Tamara and I will be covering the youth market more in depth in our upcoming webinar, I thought I’d give you a sneak peek.[ii] Here are three interesting things to know about teens and the recession:
While we debunked the myth that kids are oblivious to the goings-on of the economy this doesn’t necessarily mean that their appeal as a recessionary target group has disappeared. Almost half of online youth haven’t changed their spending in the last 6 months and if you have a product or service that falls into the food, clothes or friends category (or can be messaged in a way that ties it to these categories), then you’re in luck! Youth, like any other consumer group, have needs that they are looking to fill. If they deem the need essential enough, they’ll continue to spend, even when times get tight.
[i] If you’re not familiar with MythBusters it’s a great US TV show featured on the Discovery Channel. Adam , Jamie and the rest of their team set out to debunk urban legends and other myths. For more on the MythBusters check out their website: http://dsc.discovery.com/fansites/mythbusters/meet/meet_main.html
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