Teens are spending again-another good sign of economic recovery. According to Taking Stock With Teens, a recent report from investment bank and asset management firm Piper Jaffray, last year teens spent 39 percent of their discretionary income on fashion. Teens from average-income households spent 15 percent more on fashion in 2012 than they did in 2011, while those in the upper-income bracket increased their fashion spending by 21 percent. And while it may seem surprising, teenage boys spent the most money on clothes.
Beauty products (skin care and cosmetics) also benefited from teen purchases, led by kids from average-income homes, who spent 18 percent more from 2011 to 2012, compared to a 6 percent rise among upper-incometeens.Mobile devices are a big growth area. Eighty-six percent of teens say they’re likely to purchase a smartphone, with over half of them wanting an iPhone (in addition to the 34 percent of teens who already own one).
Tablets are another growth area. About one-third of teens own a tablet (up 12 percentage points from last spring), with iPads dominating (70 percent of teens who have tablets own an iPad, compared to 19 percent who own an Android-type tablet). Of the 19 percent of teenagers who intend to purchase a new tablet in the next six months, 80 percent want to buy an iPad.
The mobile stats are particularly important when it comes to your marketing efforts. If you want to attract teens, make sure your website is mobile friendly.
Rieva Lesonsky is CEO of GrowBiz Media, a media and custom content company focusing on small business and entrepreneurship. Email Rieva at email@example.com, follow her on Google+ and Twitter.com/Rieva and visit her website, SmallBizDaily.com, to get the scoop on business trends and sign up for Rieva’s free TrendCast reports.