Name: Teens are buying fewer clothes, less food as their spending hits two-decade low
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Teens are buying fewer clothes, less food as their spending hits two-decade low

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Key PointsIn this articleTeen 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 , and worry about the economy getting worse.&nbsp;Teens reported spending about $2,150 this year, according to Piper Sandler's 40th biannual "Taking Stock with Teens" report. That's a drop of about 9% year over year. Reported annual spending by teens peaked at about $3,023 in the spring of 2006.&nbsp;Piper Sandler surveyed 9,800 consumers with an average age just under 16 from 48 states, with an average household income of $67,500. The survey, released Tuesday, was conducted between Aug. 19 and Sept. 22.&nbsp;Apparel spending came in at about $507 per teen per year, down 11% from last fall. Females, on average, are spending about $160 more on clothes than males, the survey said.&nbsp;Teens reported spending just $87 on handbags, an all-time low, Piper Sandler said. Louis Vuitton beat this time for the No. 1 spot.&nbsp;Spending on purses and clutch bags peaked in the spring of 2006, when teens said they spent $197 annually on the category, according to the survey. But its popularity has been fading since.&nbsp;When it comes to apparel,&nbsp; kept its top spot — a position it has now held in&nbsp;Piper Sandler's survey for a decade. was second, followed by Adidas — with both brands holding their previous positions on the list. The athletic apparel maker , though, moved up to No. 6 from No. 7 a year ago, with its comfortable leggings and sports bras gaining in popularity. Fast-fashion chain H&amp;M moved up, while Forever 21 dropped on the list. ' Victoria's Secret, known for its racy lingerie, fell to No. 22 from No. 13 a year ago.&nbsp;Within the apparel category, shopping for second-hand items is gaining some momentum among teens, stealing market share from traditional players, especially off-price retailers like and department stores. Forty-six percent of teens have purchased items second-hand, from platforms like Poshmark and while 58% have sold items on a second-hand marketplace, Piper Sandler found.&nbsp;Thrift/consignment stores ranked No. 13 as teens' favorite brand or retailer during the fall, compared with a rank of No. 44 a year ago.&nbsp;Nike was also teens' favorite footwear brand, followed by 's Vans in second and Adidas in third.&nbsp;Footwear spending came in at $275 per teen per year, down 6% from a year earlier, Piper Sandler said. Males reported spending about $50 more, on average, on shoes than females.&nbsp;The e-commerce behemoth also remained teens' favorite website, with 54% of teens saying Amazon is their No. 1 online shopping destination, up from 52% a year earlier. And 90% of teens said they've been shopping online during the fall.&nbsp;Meantime, only 33% of teens reported shopping at department stores and specialty retail stores, down from 36% a year earlier. A handful of department store chains including J.C. Penney, Stage Stores and Neiman Marcus filed for bankruptcy protection during the pandemic. Lord &amp; Taylor, the oldest department store operator in the country, is in the process of liquidating.&nbsp;Though overall food spenjding declined, males still devote the most, or 21%, of their wallets to food, according to the survey. That's followed by video games and clothing. Females devote the most, or 27%, of their wallets to clothing, followed by food and personal care.&nbsp;And with a global health crisis that has caused a recession hanging over their heads, potentially putting their parents or themselves out of work, 48% of teens said they believe the economy is getting worse, compared with 32% a year ago.&nbsp;Why Black Friday may finally be an event of the pastCorrection: The firm that conducted the survey is Piper Sandler. An earlier version of this story misstated the name.&nbsp;

Key PointsIn this articleTeen 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 , and worry about the economy getting worse.&nbsp;Teens reported spending about $2,150 this year, according to Piper Sandler's 40th biannual "Taking Stock with Teens" report. That's a drop of about 9% year over year. Reported annual spending by teens peaked at about $3,023 in the spring of 2006.&nbsp;Piper Sandler surveyed 9,800 consumers with an average age just under 16 from 48 states, with an average household income of...

Teens are buying fewer clothes, less food as their spending hits two-decade low

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