Doting Chinese parents spend nearly $29 billion annually on their offspring, mostly a single child, while teenagers splurge around $7.5 billion from their pocket money, a survey has found.
The total consuming volume of the children is around 290 billion yuan ($36.5 billion) a year, says a test survey made by McKinsey & Company.
The study was conducted on 800 teen consumers across China, who were divided into four types: the fashionable, the well-behaved, the leisured and the poor.
Their consuming power was estimated by their buying behaviour, the China News Service reported.
Fashionable teens were found to quickly adopt high-tech products, and they usually had more pocket money than the others.
Well-behaved children were mostly from the second-tier cities like Chongqing, Xiamen and Xi'an. Their annual consuming volume was 82 billion yuan, making them the largest group among the teens consumers.
Leisured teens spent their pocket money on musical products, books and the Internet, and those from poor families used their limited cash to buy food, the survey said.
It also indicated that poor teenagers used 44 per cent of their pocket money to buy snacks, creating an annual market value of five billion yuan.
Well-behaved and leisured teens were fascinated by books, which cost them some six billion yuan. The latter group also spent 1.7 billion yuan in restaurants, and CD and video cassettes cost them 1.5 billion yuan.
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