Teen Spending Hit a 40-year Record Low Due to the Pandemic

*The following is excerpted from an online article posted on USA Today.

The Gen Z age group reports having spent less money in 2020 than any other year of the past two decades, according to Piper Jaffray’s 40th biannual “Taking Stock with Teens” research report.

The data captures reported spending results from 9,800 people ages 13 to 19. Participants hail from 48 states and households with an average yearly income of $67,500.

Between Aug. 19 and Sept. 22, 2020, teenagers reported spending at an all-time survey low of $2,150. That’s down 9% from $2,371 spent in 2019, the survey says. Yearly reported spending by teens peaked in spring 2006 at $3,023, the data shows.

Just under a quarter (23%) of teens this year said their ability to work part-time was affected by the pandemic. While young people cut back spending on food, concerts, and events, they’re spending more money on video games, movies, and room decor, according to the survey.

Consistent with other years, teens primarily spent their money on clothes and food.

Source: USA Today
https://www.usatoday.com/story/money/2020/10/06/teen-spending-hits-40-year-low-due-pandemic-survey/3635700001/