According to market research company Euromonitor the group spend an estimated $238,000bn a year on many different products, including cosmetics and personal care.
It is this increase in spending power that has made teens and tweens a profitable market for many companies, with many now creating premium ranges in smaller, more affordable sizes for the growing demographic.
Diana Dodson, market analyst for Euromonitor told CosmeticsDesign-Europe that, " There is a definite increase in products designed primarily for this market.
Premium products across all sectors, fragrance, skin care and colour cosmetics, are becoming more and more desirable for the young age group as many are endorsed by celebrities or such as fashion labels".
A previous study has shown that teenage personal care use is largely driven by the desire to establish a sense of individuality, tempered by a need for belonging or acceptance within society in general or by a particular peer group.
Heavily influenced by the celebrity culture, products such as Britney Spears fragrance lines, along with the fashion label products such as Ralph Lauren Polo fragrance, are key drivers within this market.
However, teens and tweens are also thought to help spur the booming natural and organic cosmetics market.
With global awareness of environmental issues reaching an all time high, many celebrities have began to endorse the trend for 'green' living.
Indeed, using natural products across all consumer groups is thought to be 'trendy' with many celebrities using the 'This is not a plastic bag' carrier and wearing wristbands to support numerous ecological charities.
Capitalising on this trend, fashion designers and celebrities have created organic cosmetic lines, such as Stella McCartney Care, the all-natural skin care range - which are thought to be highly desirable for the teenage age group, especially girls.
The previous study claimed that teenage girls aged 15 years or more do in fact listen to their mothers, and frequently favour many of the same brands of cosmetics.
Dodson stated that parents are more likely to allow teenage children to purchase cosmetics if it is seen as beneficial to the environment, which is a contributing factor to the segment being a key market for the teenage consumer.