Teenage Spending Habits

Understanding the spending habits of teenagers across the world
Teenagers today, across the world, have one thing in common – they all like to spend their money on consumables and other products, irrespective of whether they are worth the money spent or not. Analysts have been tracking the trends in this matter over the recent years to try and understand the spending habits of teenagers better.
Piper Jaffray recently released its 28th semiannual survey, in which 7,200 teens (47% female and 53% male, with an average age of 16 and an average household income of $59,000) from 41 U.S. states were surveyed which covered a wide array of subjects, from fashion to personal care, entertainment, food, and more.
Overall, the study found that although spending has increased in many categories, the overall view of the economy has become worse. 73% of the people surveyed said the economy has stayed the same or become worse (as opposed to 57% few years ago). Still, teens are spending a large sum of their money on clothing, as well as food, and they have obvious favorites when it comes to social networking sites, electronic devices as well as stores, both in person and online.
Spending on fashion increased for teens in the US, with an overall per year increase from $995 in fall 2013 to $1,069 in fall 2014. The number has jumped up and down over the years; the average spent in 2009 was $994. Teens also have favorite brands that they spend their money on: Nike was the top preferred clothing