For teens, having less to spend is a shocking new experience. But with fewer available jobs and smaller allowances from cash-strapped parents, teens are confronting a new economic reality. So how do young consumers still buy the latest Techno-bling? They get frugal and turn it into sport. In the new gTrend Teen Report, Neo-Frugalism has emerged as one of the unexpected byproducts of the recession. Neo-Frugalism is the skill and passion that resourceful teens are applying to the acquisition of technology and other badge items. Our research shows that instead of buying on impulse, today’s teens have become more value-driven consumers. If they’re interested in the hottest video game, they’re inclined to find a used copy. Many are now waiting for sales to make a purchase. Or they scour Craigslist, eBay and the rest of the web for a killer deal. Interestingly, with thriftiness going mainstream, it has become cool to be the first one to “find the deal” and spread the gospel of their thrifty ways.
In short, frugal is the new hip, but it is no real surprise. American teens continue to make a virtue of advancing and adopting to a world often beyond their control. To find out how to reach young consumers who are both frugal and highly acquisitive, read the new gTrend Teen Report. Contact GTR Consulting at gtrend@gtrconsulting.com, or 415.713.7852.