Clothing & Food Dominate Teen Spending

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(Photo: Andi_Graf/Pixabay) An October 2014 Piper Jaffray report reported that Teens are spending 20% of their money on food, up from 15% 10 years ago. Meanwhile, their clothing budgets have shrunk, but still remain slightly above food at 21%. Is this the impact of increased visits to fast casual restaurants, and value put on Fresh/Organic/Natural/Vegetarian foods? They all probably have a hand at this shift. If Wendy's recent Image Activation is any indication, QSR restaurants are quickly adapting to try and be a spot teens and millennials want to be seen and hang out... and spend money. And for the decrease in clothing expenditure, well the downturn in mall traffic amongst teens isn't a help. Quartz reports from the same Piper Jaffray report, that mall traffic has dropped 30% over the last decade. And low-priced Fast Fashion players like H&M, Zara and Forever 21 have grown to command market share. And to top it off, the money for that higher quality, higher priced food has to come from somewhere. View more from Business Insider, Piper Jaffray, and Quartz.