“Piper Jaffray is out with its semi-annual ‘Taking Stock with Teens’ report, which looks at the spending and shopping habits of teenagers. More than 7,000 teeenagers were surveyed. The average age was 16 years old,” Joanna Campione reports for Yahoo Finance.
“The report found teens typically get more than 2/3 of their spending money from their parents. A growing proportion of their money is going to food. They spend 20% of their money on it. That’s up from 15% a decade ago,” Campione reports. “Top brands include Starbucks, Chipotle and McDonald’s. ‘On the coasts, I think McDonald’s is looked at as this bad, evil conglomerate that serves you fake food,’ says Yahoo Finance Editor-in-Chief Aaron Task. ‘But in real America, they love McDonald’s…and teens on lower incomes they love going to McDonald’s because you can get a lot of calories for cheap.'”
“Teens spend the most money on clothes, a total of 21% of their cash. Nike, American Eagle and Forever 21 were the favorite clothing brands among the teens surveyed in the poll,” Campione reports. “As for technology, kids love Apple. More than two-thirds have an iPhone. Only 16% said they were interested in the Apple watch. However, the Piper Jaffray study was conducted before the watch was released. As for social networks, Facebook is falling out of favor with teens according to the report. Instagram was tops.”
Read more in the full article here.