There’s no question that teens like spending money, whether it’s from an allotted allowance or employment with one of their first jobs. But the real question is where they like to spend it — and Piper Jaffray has just found the answer.
An April 2015 research report compiled by the company indicates that food and clothing are the biggest factors in teen spending, although entertainment takes up a pretty healthy chunk as well, according to eMarketer.
Food factors in as the highest spenditure with 21 percent, while clothing is close behind with 20 percent and accessories/personal care are in third with nine percent. However, the rest of the chart shows a good amount of money going towards transportation and entertainment. These include automotive with eight percent, electronics with eight percent, video games with seven percent, music and movies at six percent, and events at five percent. Meanwhile, bottoming out the list is books/magazines at two percent, followed by furniture, also at two percent.
Clothing was in the top spot for some time, since spring 2011, but with the rise in popularity with organic food, it’s assuredly taking the lead. And the report shows that 40 percent of those polled were eating more of it than in previous years.
Clothing overall still plays the biggest part when combined with accessories/personal care and shoes (at nine percent), with a share of four in ten.
As for where teens enjoy shopping, physical stores are still a big draw, but some feel that online shopping has become the way to go — especially from the male perspective. 61 percent of respondents feel that physical stores are still the best option, although online shopping still takes up a pretty solid chunk of that demographic, with a growth to 57.2 percent of US consumers ages 14-17 — approximately 9.6 million people — for this year one. By 2019, Piper Jaffray indicates that the number will grow even bigger, to 61.5 percent.
The kids, they keep on shopping’…
