Research firm Piper Jaffray's semiannual "Taking Stock With Teens" survey found the average teenager thinks they spend on average of $2,600 a year on products and services.
What Happened
Piper Jaffray's survey of 8,000 teens across 47 states with an average age of 16 found that teens spend the most on food and clothing, Erinn Murphy, Piper Jaffray senior research analyst, said on CNBC's "Worldwide Exchange" Monday.
Video game spending, especially among males, came in a close third — an all-time high in the survey's ranking.
The research firm's $2,600 figure is consistent with prior years' findings, the analyst said. Except for recessionary periods, the average teen spending figure has topped $2,000 ever year.
Generation Z teens spend about $140 billion annually, the survey found. The age group also happens to be the "first digitally native generation that we have," Murphy said.
Why It's Important
One of the bigger themes from the survey is growing momentum in the athletic category, the analyst said.
Teens and even millennials are spending money on the "casualization of lifestyle," which would explain Nike Inc NKE ranking as the top apparel and footwear brand in the survey.
VF Corp VFC's Vans brand saw a "stellar reading" and ranked as the No. 2 footwear brand, Murphy said.
Related Links:
© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
Comments
Trade confidently with insights and alerts from analyst ratings, free reports and breaking news that affects the stocks you care about.
