11/15/2013
Teens are readjusting their spending habits, according to Piper Jaffray. The percentage of teens who spend money on fashion and electronics has increased between 2012 and 2013, while expenditures on vehicle-related items and media have decreased year-over-year.
In fashion, teens expect to spend more on apparel, less on accessories, and about the same on footwear in the next few months.
Meanwhile, 60% of teens say their parents provide more than half of their spending dollars, down from 72% of teens who receive this parental support in fall 2012. In fact, parents are contributing the least amount of money to teens since spring 2011.
Teens are also spending less time in malls, while increasing their online shopping.
The number of teens who own non-iPhones slightly outnumbers teens with iPhones (52% vs. 48%). However, most teens desire these Apple devices. Nearly two in three teens say their next phone will be an iPhone (62%), while 23% expect to purchase an Android. Few (1%) plan to purchase a BlackBerry.
There’s no consensus on what they think about the U.S. economy: 35% think it’s getting better, 33% think it’s getting worse, and 32% feel it’s the same now as it was in fall 2011.
SOURCE: Piper Jaffray, Neely Tamminga, VP Senior Research Analyst, 800 Nicollet Mall, #800, Minneapolis, MN 55402; 612-303-1537; neely.j.tamminga@pjc.com; www.piperjaffray.com.
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