Spending and Saving Among Latin American Tweens
What are Latin American tweens’ habits when it comes to spending and saving? A recent Nickelodeon study based on an online panel of children 9 to 14 in Argentina, Mexico, and Colombia sought to find out.
Here are key findings from that analysis:
Saving gives tweens autonomy and freedom in their consumption choices.
- They acquire the idea of saving at a young age
- For many, saving is the only way to get things they really want
- 75% have their own money
- They get cash as allowance, as gifts, or for doing chores
- The habit of saving generally comes from parents
It’s important to tweens to make their own spending decisions.
- They plan their purchases and look for a good deal
- Parents influence spending decisions
- On average, they save for larger items for 2 months to a year
- They also like to treat themselves to snacks/sweets
The mall is the perfect place to shop—they can find everything they want there.
- A place to browse the latest trends and make/plan purchases
- Family-friendly entertainment space: movies, food court, video games, window shopping
Tweens’ main interests when making purchases are fashion and technology.
- Girls more interested in fashion; boys more into technology and sports
- Fashion/trends drive consumption decisions–tweens are not brand-loyal, but do look for brands that speak to them
- Technology is the most aspirational product category (most appealing: smartphones, tablets, and consoles)
- Most tweens aspire to upgrade tech products they own to newer, faster models