Teens worried about recession too?
Monday July 7, 2008
I read an article which pointed out some statistics on teen spending, year-over-year: total teen spending on fashion declined nearly 20 percent, according to Piper Jaffray's 15th semi-annual "Taking Stock With Teens" research survey. They are calling it a "discretionary recession". The Piper Jaffray team surveyed nearly 700 students using in-class, online and in-store surveys this spring in 11 cities and an additional 4,500 online survey responses through a partner organization.
Very interesting! I have to wonder if it is because teens are holding on to the purse strings and budgeting, or is it parents who teaching teens to be more frugal. What do you think? Have you been using the recent economy as a teachable moment for your family or do you think your teen is becoming aware on his/her own? Share your experiences in the comments area.
Comments
It might also be a matter of not having as much product to choose from. The breadth of product in stores nowadays, both on-line and virtual, has diminished. A domino effect, if you will. Not as much–or not as good–merchandise getting created/located to be sold leaves those buyers who might still be willing to buy, not much to choose from.
It could also be that a teens funds are limited more so now because a parents funds is limited. Smaller allowances & strict shopping rules (shopping at Wal-mart etc. instead of the “mall” for new clothes) are now very common. What affects the parents financially ultimately affect the teens and children.