Teen spending has hit an all-time low during the coronavirus pandemic, according to Piper Jaffray’s 40th biannual “Taking Stock with Teens” report.
Teens reported spending just $87 on handbags, an all-time low.
Apparel spending came in at about $507 per teen per year, down 11% from the fall of 2019.
Teen spending hit its lowest levels in two decades, according to a new survey, as teens spent less money on food, concerts and events during the coronavirus pandemic, and worry about the economy getting worse.
Teens reported during the fall spending about $2,150 this year, according to Piper Jaffray’s 40th biannual “Taking Stock with Teens” report — a result of surveying 9,800 consumers with an average age just under 16 years old, from 48 states, with an average household income of $67,500. The survey, released Tuesday, was conducted between Aug. 19 and Sept. 22.
That’s a drop of about 9% year-over-year, Piper Jaffray said. Reported annual spending by teens peaked at about $3,023 in the spring of 2006.
h/t general mishka