Advertisers think young to earn big
SUBIC BAY Freeport: Children, more particularly, Filipino kids as consumers took center stage at the 21st Philippine Advertising Congress as advertising executives tries to grab their attention and their purchasing power estimated to be worth P42 billion annually.
The amount, according to Jeremy Carr, Vice President of Turner Entertainment Networks, is up from Php 37 billion in 2007.
This represents just their total pocket money and gift money annually, excluding the money spent by parents for their children’ Carr explained.
The study he said represented 3.7 million kids aged 7 to 14and was mainly based in Manila, Cebu and Davao.
Turner Entertainment Networks owns the popular TV channel Cartoon Network.
While television remain to be the most influential medium, Carr noted that marketers and advertisers cannot take for granted the kids growing access to technology, particularly the internet and the ubiquitous mobile devices.
‘In the daily life of kids, television remains king. But internet is getting there with more than 60% now using the internet,’ Carr added.
The only age bracket that registered less than 50 internet usage were kids 7-8 years old. Carr noted that the ‘older they get, internet usage becomes more intense.’
The 21st Philippine Advertising Congress (PAC) officially opened Thursday bringing together stakeholders of the advertising industry that includes marketers, the media, the suppliers and the advertisers.
Among the major segments of the congress are climate change, digital and traditional media, marketing to kids and branding.
But executives warn that parting the kids with their money is not getting easier.
Not only do advertisers need to use multiple media, kids are also getting sophisticated.
Young but business minded
Andrew Kingham, managing director of The Marketing Store based in Hong Kong, noted that kids are also becoming more aware with their environment.
‘While our study was based in Europe, there are indications that this trend has a universal nature to it. Increasingly, kids understand the recession (economy) and the environment,” Kingham, who spoke about marketing to kids, said.
Carr also noted that AH1N1, poverty, and the economic crisis occupy the minds of Filipino children.
But while the Filipino kid’s purse is growing, Kingham noted that the general direction worldwide points to a downward trend, kids are also becoming more creative .
He said that as the world economy suffers, kids pocket money is generally decreasing and is encouraging many to become minipreneurs or kids entrepreneurs.
‘This is an emerging phenomenon in Europe. Kids understand they’re not entitled to money but they have to earn it,’ he stressed.
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