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Teen Shopping Habits
February 23, 2018
Teen spending is down. You, and probably your friends, are spending less. Even your parents are contributing less to your allowance.
How do we know? The big investment firm Piper Jaffray tracks this stuff for investors, and we can learn a lot about how you and your friends buy stuff, from the money you spend on music, to how much you spend on Cheetos.
In the most recent survey of 6,100 teens, overall spending has dropped 4.4 percent. Part of that may have to do with people moving from pay-to-play music services to on-demand services, like Spotify or YouTube to get tunes.
But, what is interesting is that teens are finding deals: Amazon is seeing big gains according to the survey. More than 51 percent of teens have a Prime account. That doesn’t mean we condone a Prime account, it just means that teens are as price conscious as adults when it comes to online spending.
Today, about 49 percent of a teens’ money is spent online. How much do you spend online? Is that a healthy amount to be spending online?
Nike, American Eagle, eBay and Forever 21 round out the top five sites for teens buying online, unless you’re buying a handbag. In that case, Michael Kors and Kate Spade top the charts for online spending by teens.
But all of that money kids are saving by buying used Chucks on Ebay has to go somewhere, and most of it is going to Starbucks. The coffee chain sees 12 percent of teen spending dollars, and overall teens spend 22 percent of their money on restaurants.
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