TEENS ARE BUYING LESS, TOO
It is a good thing it doesn’t matter how teen boys look when they’re playing video games. According to a recent research survey, Taking Stock with Teens by Piper Jaffray, spending on fashion is down 20% on a year-to-year basis, while video game system spending is way up. Young men and women are spending less in general as current economic challenges impact them, along with everyone else. Calling this a "discretionary recession", experts believe that spending on fashion will continue to decline.
Teens are focusing limited spending on some key areas, however. Girls keep the money flowing into the beauty products industry. And boys are into their electronics. Almost half the participants said they spent more on restaurants this year than last. People will always need to eat and teens are not much for cooking. Even though the Apple iPhone, premium coffee and iPod sales are on the rise, parents indicated annual spending on their teens has dropped more than 40 percent. Hopefully, the boys will look away from their video screens occasionally or they may not notice the made-up girls.
Article by: Jill Enriquez, HMH, Media Director
