Interestingly, the survey revealed a 1 per cent year-on-year decline in teen ‘self-reported’ spending, dropping to $2,316. This marks the first such decrease in teen spending recorded by this survey since before the COVID-19 pandemic struck.
As economic concerns loom, inflation has now become the second biggest social issue on teenagers' minds, registering at 9 per cent among the surveyed group, as per the survey.
The survey also highlighted a gender-specific divergence in spending trends. While males led the spending increase, favouring brands like Nike, Lululemon Athletica, and American Eagle Outfitters, female spending witnessed a downturn, specifically in apparel and footwear. However, this drop was partially offset by increased spending on accessories.
“Our survey points to initial signs of a slowdown in teen spending. Inflation reached its highest mindshare in terms of political and social issues, right behind the environment,” said Edward Yruma, senior research analyst.
ALCHEMPro News Desk (DP)
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