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The avg amount a millennial parents spend on parenting books and apps in this field ? would be great if you can break this down with focus on infant sleep issues
Hello! Thanks for your question about the average amount millennial parents spend on parenting books and apps, focusing on infant sleep issues. The short version is that while there are no definite numbers, we have been able to find sources to estimate that millennial moms spend $231.6 million on parenting books and $141 million on parenting apps annually with $78.7 million and $47.9 million of this focusing on sleep issues, respectively. Below you will find a deep dive of my findings.
METHODOLOGY
Having searched academic databases, industry reports, government reports/databases, and trusted media sites, we have seen that there are no definite numbers for the amount that millennial parents spend on parenting books and apps, but we have managed to estimate the amount that millennial moms spend based on the assumption that millennial moms are the purchase decision makers in the family. We will then break down the figures by calculating the percentage of top parental concerns which includes child's sleep patterns.
THE BREAKDOWN
Below you will find a breakdown of how we have arrived at the average amount millennial moms spend annually.
-The annual revenue on books in the US is $16.54 billion and for mobile apps the average revenue is $9.4 billion.
-21% of millennial moms seek parenting advice from books, making it 3.4 million moms. 31% of millennial moms seek advice from apps, making it 5 million moms.
-Only 73% of Americans read books in the past year. This means that millennial moms take up 1.4% of the total population who purchased parenting books and 1.5% of the total population who purchased apps.
-1.4% of the total book revenue would be $231.6 million while 1.5% of the mobile app revenue would be $141 million annually.
In 2014, it was shown that 30% of parents are concerned about their child's sleep issue. Naturally, 34% of parents with children 2 and under were concerned about sleep issues as opposed to 28% of parents with kids aged 6-8. Since parents are primarily concerned about sleep issues before the age of 2, we can assume that 34% of millennial moms are purchasing books focusing on sleep issues which would be $78.7 million annually, and apps focusing on sleep issues which would be $47.9 million annually.
Another way to estimate the amount that parents spend on infant sleep issues is to take this 34% of the total amount a parent spends on a child each year. Millennial moms spend an average of $13,127 annually on their child. 34% of this number means that millennial moms are spending $4463 each year on their child when it comes to infant sleep issues. Yet this number isn't specific to books or apps since it could also include sleeping accessories such as sleeping sacks or other methods they have read will help their child.
CONCLUSION
To wrap it up, millennial moms spend $231.6 million on parenting books and $141 million on parenting apps annually. If we understand that sleep issues account for approximately 34% of a parent's concern, then we can estimate that millennial moms are spending $78.7 million annually on books and $47.9 million annually on apps focusing on sleep issues.
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