What Are the Characteristics of Teenage Spending?

Youth consumer psychology refers to a mental state that young consumers have when purchasing and consuming goods. Youth is a consumer group with huge purchasing power and has great influence on other consumer groups. As a special consumer group, young people have consumer psychological characteristics such as pursuing novelty and fashion, advocating brands and famous brands, highlighting personality and self, and focusing on emotion and intuition. Studying the psychological characteristics of youth consumption is of great significance to the establishment of effective marketing strategies.

Youth consumer psychology

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Youth consumer psychology refers to a mental state that young consumers have when purchasing and consuming goods. Youth is a consumer group with huge purchasing power and has great influence on other consumer groups. As a special consumer group, young people have the pursuit of novelty and fashion,

Youth, as a consumer group, have a special status in the entire consumer market. Youth consumption is an important part of China's consumption field and plays a pivotal role in the development and change of the consumer market. ^[1]

(1) Pursue novel, distinctive and personalized products. Youth's self-awareness is one of the most concentrated manifestations of youth personality development. The youth's independent intention is very strong, with a rich heart, passion, and fantasy. Young people like products that can express their individuality in shopping, and pursue fashion and romance.

(2) Houses that were not the main consumption target of young people have gradually become the first choice for young people to consume. With the development of the situation in the future, welfare housing is no longer available. Instead, it will be money to buy a house. Therefore, saving money to buy a house is an issue that every young person, especially urban young people, must consider. At the same time, many functions of the family are declining, and the family structure is becoming increasingly "miniaturized."

(3) Youth

First, the consumption power is very strong.

Winning the youth wins the future, and the same applies in commercial warfare. In market competition, whoever can seize the youth consumer group, whoever has more market share, can gain an advantage in market competition. The clear psychological characteristics of consumption in young people's consumption behavior provide an important basis for industrial and commercial enterprises to effectively organize the production and marketing of products. ^[1]

1. Focus on innovation

With the rapid development of science and technology, people's living standards continue to improve, and the service life of goods has been relatively shortened. Under such circumstances, enterprises must establish a sense of innovation, take innovation as a powerful weapon in the market to defeat the enemy, attract demand and tap potential needs, and continuously meet the young consumers' psychological needs in pursuit of novelty and fashion.

Practice has shown that it is in line with the trend of the times, represents the latest modern technology, and is a novel and applicable product that can most stimulate young people's desire for consumption. The characteristics of the new products are "new", and the essence of "new" is that the performance and quality are superior to the old products. The more superior the new products are, the more obvious they can meet the needs of consumers, the more they can stimulate young consumers' enthusiasm for new innovations, and the more they can attract young people to buy, thus making them new product seekers, Tryers and promoters. Therefore, enterprises must continuously use new science and technology, new processes, develop and design new products, and innovate in terms of product shape, structure, and performance. China's electronic products first entered the international market. As a well-known trademark in the national electronics industry, "Panda" was founded in the early 1950s and was recognized by consumers for its quality and shape. The brand radio was sold to Southeast Asia at that time . After 50 years, Panda brand products have been expanded to televisions, video recorders, communication equipment, etc., and they are still in the hearts of customers. The reason why "Panda" is persistent is that the company insists on innovation while insisting on establishing a brand based on quality. The company takes advantage of science and technology, pays close attention to scientific research and development, combines independent development, technology introduction, and international cooperation, strives to occupy the commanding heights of the technology, and through continuous technological innovation, creates new categories, new varieties, and new levels of the "Panda" brand, enhancing In order to compete with international brands.

2. Striving for a famous brand

Generally speaking, a brand-name product can demand a more advantageous price, and it can sell, sell more, and sell faster than its competitors at the same price. Some stores can sell for many times more than similar products, relying on famous brands, and young people are seeking this effect. Therefore, whether an enterprise can stand out in the same industry and attract more consumers, it must cultivate brand awareness and create brand-name products.

With the development of the market economy, the traditional seller's market has gradually transitioned to the buyer's market, and the consumption of people, especially young people, has gradually shifted from quantitative to quality and branding. Therefore, the implementation of a brand strategy has become increasingly important for the development of enterprises. The more important. Of course, in the market competition, it is not easy for a company to take the road of famous brand, create a famous brand business, and make a famous brand. As the awareness of brand-name consumption matures and the awareness of market-brand competition intensifies, brand-name products must also be worthy of the name in order to gain a foothold in domestic and foreign markets. An entrepreneur likens "the brand name is not stainless steel", which means that there are no permanent brand names on the market. Only by continuously innovating and upgrading products will we be able to maintain the vitality of brand-name products and be able to meet the increasing consumer demand of young people by "changing with strain". Guangzhou Procter & Gamble Company, which mainly produces cosmetics, has achieved great success with its brand development strategy. Taking shampoo as an example, they developed Hai Fei Si products based on dandruff, Rejoice products based on suppleness, and protection of beautiful hair. "Pantene" products. Today these products are deeply loved by the majority of young consumers and become veritable brand-name products. Facts have proved that for enterprises, they can't be complacent about the products that were launched at the moment, nor can they be complacent because the products have been famous all over the world. It is important to create a famous brand without a famous brand. With a famous brand, it is important to closely follow the latest high-tech, sophisticated and cutting-edge science and technology in the world, and continue to innovate in order to be more fashionable in the wave of market economy.

3. Highlight personality

More and more facts show that in modern society, the concept of youth's needs no longer stops at merely acquiring more material products. They are buying more and more goods because of their symbolic meaning, which means that they buy a product not only because it is useful, but also to show themselves. While pursuing rationality and practicality, they pay more attention to the satisfaction of personality, spiritual pleasure, comfort and superiority, and their consumption needs are increasingly differentiated, diversified and personalized. The youth consumer group's prominent personal characteristics and self-expressing psychological characteristics of consumption pose challenges to the traditional marketing concepts and strategies of industrial and commercial enterprises: personality differences must be the core of corporate marketing strategies. Specifically, we must carefully study the unique psychology of young consumer groups, understand their special needs, find an alternative symbol from it, and then add a certain atmosphere, taste, imagination, etc. to the product through distinctive emotional designs. With the power of emotion to impress and seduce consumers, so as to grasp the initiative of the market.

Customized consumption, which is quite popular in the commodity market, is a prominent manifestation of the personalization of youth consumption, and it is also a reflection of enterprises based on the characteristics of youth consumption. If the original customized consumption was spontaneously formed by young people worrying about quality issues, the main reason for the popularity of customized consumption in the commodity market is that young people are unwilling to cooperate with others and focus on meeting individual needs. Such as custom-made leather shoes, more and more people do not go to the store when buying leather shoes, but go to a small store of custom-made leather shoes to "self-design". The reason why this custom-made phenomenon of leather shoes is full of charm is fashionable, in addition to being more reassuring in terms of quality and lower than the market price, more importantly, young people can "create" the style of the shoes according to their personal aesthetic taste .

4. Focus on the first

The vast number of consumers faced by enterprises are consumers with rich emotions. For young consumers, the role of emotional factors is particularly prominent. Therefore, in order to achieve the ultimate goal of guiding youth consumer demand and grasping market initiative, enterprises must place the emotional needs of young consumers in a vital position.

As the old saying goes: "Give heart first", this sentence also applies to commercial warfare. There is actually a kind of interpersonal communication between enterprises and consumers. Feelings are a huge force. If young consumers can resonate spiritually through emotional transmission, emotional communication, and emotional cultivation, then the company's products and brands can be easily understood, loved and accepted by young people. Therefore, enterprises should be good at discovering the emotions inherent in their products, and show them vividly through product design, packaging, and advertising. While winning by quality, they should also be emotional. As American psychologist Francis Rory puts it, consumers are people, and people have feelings. Although the product has no emotion, it can try to give it an emotional color, and make it evoke and resonate with consumers. His own Cyprus company is committed to creating a variety of humane shoes, such as "wild emotional type", "elegant emotional type", etc. This unique sales method has achieved unexpected sales results. There are many successful examples in our country. For example, Wuxi Taihu Knitting Garment General Factory successively introduced to the market a wide variety of fashionable couples' clothing, named "Red Bean", and was immediately favored by the majority of young consumers. Young couples vie for this dress as a gift to each other as a token of love.

In short, youth is a consumer group that has both purchasing power and great potential. Based on a full understanding of the psychological characteristics of young people's consumption, companies can adopt appropriate marketing strategies to guide and satisfy young people's health and interests Reasonable demand makes the company's products invincible in the competition.