Teens Pull Back on Spending

By Sheridan Fifer

Spending among teenagers is at its lowest level in two decades, according to a new survey. Piper Sandler surveyed 9,800 consumers from 48 states and found that teens are spending about $2,150 this year, a drop of about 9% year over year. (The peak in teen spending occurred in the spring of 2006, when teenagers reported spending about $3,023.) Teenagers are spending less on clothes and food. One thing that hasn't changed is their favorite place to shop: 54% of teens called Amazon their number one online shopping destination, a 2% rise over last year. And in another sign of trouble for department store retailers, only 33% of teenagers reported shopping at such stores. 

And with a global health crisis that has caused a recession hanging over their heads, potentially putting their parents or themselves out of work, 48% of teens said they believe the economy is getting worse, compared with 32% a year ago. 

Read the full story at CNBC.