“PANKs”, the New Driving Force Behind Kids Luxury Market in Brazil
Source: CBME South America
PANKs (Professional Aunt no kids) are known in Europe and United States market as their high purchasing power and passion in premium kids products. PANK is used to describe those women who have high disposable income and a passion for purchasing the best for the kids in their lives.
According to a survey by Savvy Auntie in Dec 2012, in United States, approximately 23 million Americans are PANKs, and they spent an average of $387 on each child in their lives during the past year, with 76% having spent more than $500 per child. This translates to an annual PANK buying power estimate averaging roughly $9 billion. PANKs also offer economic assistance by providing kids with things kids’ parents sometimes cannot or will not offer them and many have given gifts to parents to help them provide for their kids. PANKs have been recognized as a big drive in kids products market in US market.
Latest research shows that PANKs now are also emerged in Brazil and is making big influence to the market. Unlike North America and European markets, countries in which PANKS are mainly aunts, in Brazil, they are mostly godmothers. Besides godmothers, there are people shopping for stepsons, little brothers, friends’ children and nephews who make up the PANKS in Brazil. They are successful professionals with an age ranging between 30 and 45 years.
The research carried out by the Shopper Experience Consulting, revealed that 79% of single customers who buy luxury children products are shopping monthly; while 18% are shopping weekly; and 3% twice a week.
Being an aunt or a godmother is just one difference between Brazilian consumers and consumers from other countries. While foreigners prefer children fashion brands, Brazilians love shopping expensive toys and cosmetics such as perfumes, shampoos, diapers, and similar products. Although the diapers chosen by Brazilian PANKS are not a luxury article, they are the most expensive ones.
The survey also reveals that the aunties who give premium products to children also need luxury products themselves.
Learn more about South America market, please visit www.cbmesa.com.br
