Kidscreen » Archive » Children’s spending shifts to online games
Financial app RoosterMoney’s new ‘Children’s Allowance Report’ shows children’s spending habits have changed significantly since lockdown was put in place earlier this year. Old favorites like candy and books/magazines are no longer priorities, with many kids transferring their money to online games like Roblox and fortnite (Photo).
The top five children’s expenses in the second quarter of 2020 include Roblox, Fortnite, LEGO, Minecraft and gifts. This marks a shift between Q1 (Roblox, Books/Magazine, Candy, LEGO, and Gifts) and 2019 (Books/Magazine, Gifts, Candy, Roblox, and LEGO).
Children earn an average of $8.91 per week, and they reported saving almost half of that money (41%) for a rainy day.
“As the past few months have accelerated our transition to a cashless society, we can see this not only reflected in our own spending habits, but also in [those] of our children too,” Will Carmichael, CEO of RoosterMoney, said in a statement.
This shift towards spending on virtual experiences is also reflected in the significant growth of esports. With kids stuck at home for much of the year so far, there’s been a spike in video game streaming. Twitch, for example, saw a 10% year-over-year increase in viewership volume, and market research data from Statista shows the eSports category as a whole is set to hit 1.79 billion. dollars in revenue by 2022. Gaming in general is up 75% in the United States, according to Verizon.
Beyond esports and online gaming, spending has largely taken place online this year due to the COVID-19 pandemic and associated store closures. Amazon alone recorded $88.9 billion in revenue in the second quarter (compared to $75 billion in the first quarter of 2020).
RoosterMoney’s latest “Allowance Report” examines data collected from 40,000 children across the United States between April 1 and June 30.