According to GWI data, children aged 8 to 11 are starting to actively participate in spending decisions within their families. Currently, their combined influence on the market amounts to $100 billion, but experts predict it will increase to $5.5 trillion by 2029.
This significant financial weight of these children is linked to a shift in the approach of their millennial parents, who prefer collaborative decision-making over authoritarian parenting. They emphasize their children's mental health and value their opinions, making them important in purchasing decisions.
Corporations around the world have already begun an active fight for the interests of this new generation. For example, Sephora focuses on child influencers, Nike is expanding its presence in virtual worlds like Roblox, and fast-food chains like Hardee's are integrating popular YouTube characters into their offerings. This is evidence that businesses need to find a way to engage with this digital generation today to avoid missing out on their future in the market.
