Teenagers are now spending as much, if not more, on food as on clothing, according to Piper Jaffray’s semi-annual report on teen spending... And teenage's new favorite place to spend money? You guessed it - Starbucks.
Things Experienced Versus Things Worn; This Generation of Teens Are “Doers” Recognizing that few teens are the grocery buyers in their household, we see the food category representing restaurants and dining out. We also observed a modest increase in wallet share devoted to events (including concerts, festivals, etc.). Within the fashion wallet, clothing increased modestly at the expense of footwear and accessories. And we noted the continuation of a lifestyle/participation-based trend in fashion athletic. We think off of these data points are evidence of a trend toward experiences versus items worn and a notable shift in perceived status spending.