Because of changes in the social and family roles of children, recent decades have seen sharp increases not only in kids’ direct spending but also in their influence on household spending. In the 1960s, an era when kids were largely expected to be “seen and not heard,” children influenced their parents’ purchases. Kids now influence upwards in household spending, including food, toiletries, and a host of other items (even the family car!) outside the traditional realm of kids’ products.
There’s no question children have more money of their own than ever before—and businesses know it. Children today are the subjects of an unprecedented marketing blitz, not only on TV, but also in school. Child psychologists estimate that the average child sees 40,000 advertisements each year, and that the average 3-year-old can identify 100 brand logos.
What does this mean to you? Children are savvier consumers than ever before. They know what products and toys are out there. To make sure your business will stand out in this marketplace, you have to be sure you’re providing something that kids want—and that means doing lots of research.
Trends in Kids’ Businesses
- Kids’ Party Planning – baptismal, birthday, holiday, high school-related parties, etc.
- Kids’ Gift and Bath Products – raft kits, accessories, personalized items, organic bath products, etc.
- Kids’ Educational Toys and Games – age group, skill type, activity type, play medium
- Kids’ Plus-Size Clothing – formalwear, casualwear, underwear, outerwear, nightwear, etc.
- Kids’ Cooking Classes
View the complete guide at www.entrepreneur.com/article/190444
photo from partycentral.co.nz