German kids carrying cash

German children and teens have a shopping power that continues to astound, according to a recent study by the Axel Springer Verlag and Bauer Verlag. German offspring between the ages of six and 19 have an annual buying power of €20.43 billion ($24 billion), a jump of 24 percent in the past two years. Depending on their age group, most kids have an average monthly allowance of around €73 with increases for birthdays and the holidays. Most of that money is going towards candies and sweets, or clothing and accessories - but only those products that have brand name recognition, according to the study. Mobile phones are also becoming more widespread. Around seven percent of children between six and nine years old own a mobile phone, according to study. The number jumps to 29 percent within the 10 to 12 year-old age group.