Pandemic slows spending by teens
Teens haven’t been spared the economic fallout from the pandemic.
The Gen Z age group reports having spent less money in 2020 than any other year of the past two decades, according to Piper Jaffray’s 40th biannual “Taking Stock with Teens” research report.
The data captures reported spending results from 9,800 people ages 13 to 19. Participants hail from 48 states and households with an average yearly income of $67,500.
Between Aug. 19 and Sept. 22, 2020, teenagers reported spending at an alltime survey low of $2,150. That’s down 9% from $2,371 spent in 2019, the survey says. Yearly reported spending by teens peaked in spring 2006 at $3,023, the data shows.
Just under a quarter (23%) of teens this year said their ability to work parttime was affected by the pandemic.
While young people cut back spending on food, concerts and events, they’re spending more money on video games, movies and room decor, according to the survey.
Consistent with other years, teens primarily spent their money on clothes and food.
Apparel spending came in at $507 this year, down 11% from a year earlier. On average, girls spent $160 more on clothes than boys.
Nike, which sells casual sports apparel, was a brand favorite among teens for the 10th year in a row, the survey said. American Eagle was No. 2, and Adidas came in third among teen spending. The age group spent less on shoes, too.
Overall average footwear spending per teen was $275, down 6% from 2019.
With dining options limited in the stay-at-home era, food spending also slid. Still, both genders spent 21% of their overall money on meals. Chickfil-A was teens’ favorite restaurant.