The Value of Grandparents
Most parents will agree that the role grandparents play in the lives of their children is an invaluable one. Grandparents dote, they spoil and they often are more than willing to give mom and dad a night off from the kiddos.
And grandparents can be just as valuable to specialty retailers.
Next week, I will be joined by three retailers—Krista Cathey of GreenPea Baby and Child, Katie Roedler of Baby on Grand and Molly Ging of the Little Seedling—to talk grandparents and how valuable they can be to juvenile retailers, at the ABC Spring Educational Conference and Trade Show in Orlando, Florida.
According to recent statistics, grandparents are more involved in the lives of their grandchildren than ever, and they’re spending money along with time on grandkids. In fact, 96% of grandparents report spending money on their grandchildren, and a quarter of them spend more than $1,000 per year.
The trend of grandparents serving as caregivers for grandchildren also is on the rise. From 2005 to 2012, there was a 12% increase in grandparents serving as primary caregivers for their grandchildren, in addition to those who provide part-time child care for grandchildren. That means grandparents are looking for car seats, strollers and even furniture for their grandkids.
The retailers on our panel have seen all of these statistics play out on a daily basis in their stores. And they’ve responded by catering to grandparents with additional services, events and discounts.
Grandparents represent a strong market that sometimes goes untapped for juvenile retailers. By recognizing that their buying power can be just as powerful, if not more so, than that of parents, retailers can bring a wealth of new opportunity to their stores.