Have you ever wondered what things teens buy the most? Whether you’re a parent looking to figure out how your youngsters are spending their allowance and summer job salaries, or a clueless adult looking for a stocking-stuffer for your teenaged relative, this list can definitely shed light on these teenagers’ spending habits, and personal preferences.
This list was based on the available data from US-based asset management firm Piper Jaffray’s semi-annual survey on US teens. The survey, “Taking Stock with Teens”, is curated at spring and fall of every year and is intended for the use of companies and business owners looking for what the most profitable businesses are with this demographic as the target market. Every year, the company surveys between 4,000 and 7,000 teenagers across the country from varying household incomes to find out where the bulk of their money goes.
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The items on this list are ranked according to the average score they got on the Piper Jaffray rankings for 2014 Spring and Fall survey results as well as the survey results from the Spring 2015 period.
So, which things top the list of teenagers’ spending?
9. Music/Movies 6%
“Music and movies” have consistently tied with category “Events” for the last three survey periods. Both categories were preceded by “Books and Magazines” for 9th place though the gap remained relatively high in all periods. The survey also showed that teens preferred their movies on Premium Theaters (IMAX) and their songs on their MP3 players.
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9. Events 6%
The category “Events” consists of concerts, music festivals, and sporting events. This ranking resonates an early finding by the same survey that teens are gradually leaning towards spending money on ‘experiences’ than physical things.
7. Video Game Systems 7%
Video game system spending jumped three places all in a span of one year, from fluctuating between ranks 6 and 7 in 2014 to a solid finish of rank number 4 in spring of 2015. This is also reflective of the notable 36% of respondents who expressed intention to play more video games in 2015. This, according to the survey, is the highest percentage results in the last four years.
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5. Electronics/Gadgets 7.67%
Apple has been the leading gadget brand for teens while the Apple Watch has broken into the survey’s Top 10 watch brands that teens prefer for the very first time since the survey started. This comes only a year after the survey results showed 17% of surveyed teens showing interest in owning an Apple Watch in 2014.
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5. Shoes 7.67%
Teen spending on shoes has slightly decreased in the first quarter of 2015 but Nike, succeeded by Vans, remain to be the brands that teens of both sexes prefer the most when it comes to their footwear.
4. Car 8.33%
Cars have remained in the fourth place among the things teens buy the most. Over the last three data periods presented on this list, cars have only very slightly varied in percentage scores.
3. Accessories/Personal Care 10%
Prior to 2014, teenage spending on accessories has declined by as much as 26% for both upper income and lower income kids. However, beginning in the spring of 2014, accessories-spending has remained at a steady 10%. Makeup-wise, teenagers who spend a bigger chunk of their cash on beauty products expressed a preference for actual customer reviews over brand reputation when making their choices cosmetics. In the Spring of 2015, the brand MAC Cosmetics has made it to the top spot of makeup choices for the first time in the survey’s history.
2. Clothing 20.27%
Over the years, clothing-spending has always topped the list of things teens buy the most. However, in the spring of 2014, clothing has dropped from the top spot for the very first time since the survey was first carried out in the year 2000. Nike has remained among the top choices for outfit brands among teens while there has been a significant increase in interest for sports brands like Urban Outfitters as teenagers preferred more active wear clothes over denim. The survey results also showed that more teens prefer to do their clothing shopping online.
1. Food 21.27%
Does it even come as surprising that food topped this list of things teens buy the most? Yes, it does actually. In fact, food is a brand new contender for the top spot, having only played second in all the survey results prior to 2014. It was only in the Spring 2014 survey that food first topped the list for the very first time in the history of “Taking Stock with Teens”. The recent survey results have also shown that buying organic food and eating out have become a large part of teenagers’ budget for food. And, rather unsurprisingly, Starbucks is listed as their most favorite restaurant. Yes, restaurant.
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If this list of things teens buy the most proves anything, it has to be that these kids are really just adults in the making. Sometimes, it can be difficult to make a choice between spending on an all-important wardrobe update and getting extra guac at Chipotle.
