Everyone can agree that we are stuck in an economic sinkhole. But what will bring us all out of the gloom and doom of this recession? Should we look at the baby boomers that are clamoring to exit this horrible economic environment? No, I don’t think so. I think we need to focus our attention on the youth. I know that this may be a farfetched idea but hear me out.
In this crazy “save save save” world we are living in, we need to gain some momentum in the “spend spend spend” department. And who is known for spending without thinking? No, not Wall Street brokers or company CEOs, but TEENAGERS! Remember back when you had zero concept of money? You would go ask your parents for 20 dollars and it would be gone in the blink of an eye. We need that mentality back!
Teen culture thrives off of changing trends. Teens need the hottest, newest things available. I am a nanny and the 12 year girl that I work with received an 8G IPod Touch for her birthday this year. You know how much those things cost? A lot. The teenage community needs everything new, exciting and fresh. Hand-me-downs… I don’t think so. Abercrombie, Hollister, Justice (just to name a few) thrive off of the teenage dollars. It’s not just the clothing lines, though. Movies, music and other various forms of entertainment see major growth with the teenage markets.
Take the current music scene for example, Jonas Brothers, Miley Cyrus, Taylor Swift. Young pop stars selling their music (and merchandise) to the teenage crowds. Taylor Swift tours and makes millions. Miley Cyrus is her own conglomerate. She makes millions just as Miley but throw in her alter-ego, Hannah Montana and BOOM… Cha Ching all the way to the bank. The Jonas Brothers are the basic boyband that gets the girls swooning and sells records, magazines, movies, TV shows…. Anything and everything these pre-pubescent girls can get a hold of. Miley sells notebooks, t-shirts, CDs that rake in millions for Disney. Hell, even this week’s movie gross shows the Hannah Montana movie reaching towards 70 million dollars gross since release. For being in a recession, I’d have to say that’s not too shabby.
Even the “older” 20-somethings spend their money. If you are thinking the post-grads… not so much. After school, it’s a little difficult to spend our money (especially since we either can’t find jobs or have severe student loan debt). However, 20-somethings do need new cars. With the interest rates rock bottom right now… most post-grads are taking advantage of the discounts. You can find a brand new 16,000 dollar car and get a 2.9 interest rate or lower. That’s less than most/all student loan interest payments. Even the youth-young adult movies are pulling stronger numbers than their mature predecessors. Beyonce’s new film, “Obsessed” opened with an impressive (for Beyonce) 28.5 million. Juxtapose that to Jaime Foxx’s new film, “The Soloist” only opening with a pathetic 9.2 million.
Adults are clinching to their paychecks while teens spend their as fast as they can cash them. The entertainment world needs to realize that the more they market to teens, the better. Keep coming up with youth-themed movies. Keep up with the teen acts like the Mileys, Jo Bros, ect. These are the ideas that will help us all out of this slump. Don’t save now, SPEND!
By Marie Chir who blogs at mariechir.wordpress.com
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