Economic Anxiety is Causing Even Teens to Spend Less
October 14, 2019
As millennials age, Generation Z is becoming the main consumer group that brands are trying to appeal to. The bad news is that teens are spending less than they have in years. A new survey has found that teen spending fell last quarter, down from both the quarter before and the same period a year prior. The survey looked at the spending habits of 9,5000 consumers with an average age of 16, coming from households with an average income of $65,400.
According to the survey, teen spending is down 10 percent from the spring survey, and down 4 percent from last fall’s survey. The average teen spends $2,371 annually, the lowest level since 2011. Anxiety about the direction of the economy is increasing, with one-third of teens saying it is getting worse, up from 25 percent last fall.