*The following is excerpted from an online article posted on Business Insider.
Teens are curbing their spending habits amid the coronavirus pandemic, showing that the worry of economic fallout is impacting consumers of all ages.
Self-reported spending from teens fell 13% to $2,270 annually, the lowest since 2011 and a 4% slump from the fall, according to Piper Sandler’s spring teen survey, released recently.
The biannual survey was conducted between February 17 and March 27, and had 5,200 respondents from 41 states with an average age of about 16.
For the last three weeks of the survey period, teens were at home as schools across the US have been closed to curb the spread of COVID-19, the illness caused by coronavirus. Coronavirus was the second-highest social or political concern teens named, according to the survey, which also noted that it was unaided, meaning that the respondents put it in themselves.
Teens are worried about the economic impact of the shutdown, according to the survey. As many as 47% of teens believe the economy is getting worse, up from 28% last year. In addition, mentions of the stock market and the economy increased as top concerns, Piper Sandler said. One teen wrote in, “Restaurants are closing, I lost my job due to it,” according to the survey.
That means they’re cutting spending in some of their favorite categories, including clothing, personal care, and accessories.