05/08/2024

Gen Alpha Already has Billions in Spending Power

Right now, they want Nike and Starbucks

Chances are, if you have a Gen Alpha kid living in your home, you are wondering from where their financial, er, assertiveness arose. Anyone else have a 10-year-old who has been asking for cash gifts since they could toddle? Luckily, it's not a parental misstep; it's a generational thing. Gen Alphas are serious about money; their spending habits prove it.

That's demonstrated by a new study from PR firm DKC's analytics group, shared exclusively with Fast Company, which surveyed 1,000 respondents who have children aged 8 to 13. About half were mothers (52 percent) and the other half were fathers (48 percent). The group was largely made up of Millennials(72 percent), and median household income was between $75,000 and $99,000. Of the respondents, 70 percent were married and 61 percent were white.

The study found that Gen Alpha has some pretty significant financial impact, even though the survey respondents were not the wealthiest Americans but middle class. The typical Gen Alpha kid spends $45 of their own money each week, or about $2,340 per year. When you put all the Gen Alphas together, that comes out to about $50 billion.

Please select this link to read the complete article from Fast Company.