A new study by Beano Brain has unveiled the spending habits of Britain’s mini consumers.
A new study has revealed that children in the UK have squirreled away £38 million over lockdown, which is waiting to be spent.
The research by specialist kids and family insight consultancy Beano Brain unveils spending habits of Britain’s mini consumers with 47% of their money being spent on the high street.
Of the 8,000 British children surveyed, 24% have their own debit cards, having been set up with their own account aged 11 on average – just in time for secondary school.
Nearly two thirds of kids (63%) revealed they have their own money to spend as and when they want with 53% of those preferring to hold on to cash. Unsurprisingly, 34% of 11-14 year olds prefer to receive cash over gifts.
The new consumer spending report Million Pound Kids reveals that the high street rules supreme, with restaurants and toy shops topping the list of products that British kids today are spending on. Amazon, Game and Smyths are the top three online shops that encourage children to part with their pocket money.
Recommendations have been revealed as the biggest influence on children’s spending choices with 46% admitting they have purchased something after a friend has already bought it. 43% said that scrolling through Amazon had influenced their purchases, while in 1 in 3 (33%) said that social video sharing app TikTok gave them shopping inspiration, only just behind TV ads at 34%.
As lockdown lifts kids are keen to venture outside and make mini purchases of ‘everyday treats’ of food and drink to keep spirits high (52%), while 45% are using their money for toys and collectables.
“After a year of lockdown, online purchases have risen but kids have also rediscovered a love of the high street,” commented Helenor Gilmour, director of insight at Beano Brain. “For these nascent shoppers being able to see their purchases, try them on, touch them and share with friends and family is really important.
“And although these modern mini-consumers can choose from debit cards, vouchers and gaming currency their preference is still cash which they are spending on small indulgences such as luxe-shakes, sweets, fidget toys and hair accessories preferably with their friends in tow.”
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