What are Teenagers Really Spending Their Money On?
July 27, 2021 (8 Minute Read)
In the olden days, most households spent majority of their money on food. This was because usually only one member of the household was working (usually the father whilst the mother stayed home with the children) with a lot of mouths to feed. In the last few years, there has been a significant shift in the way money is spent in most households, teenagers remain the one group that spends most (if not all) of their money on food.
Teenagers nowadays (also known as Generation Z or the Smartphone generation) are one of the first generations to grow up in the digital age. So, we can assume that most of them spend most of their time and money on digital shopping websites, right? Wrong! Teenagers love spending money on a lot of things that do not always include an online presence. We have listed some of them below.
Where Exactly Do Teenagers Get Their Money From?
Recent studies have shown that most teenagers get their first job when they enter their teenage years. They can work as a shop assistant at their local grocery or clothing stores, working as a waiter or waitress at a restaurant or café or even babysit or tutor local neighborhood kids around the block. Those who are not working usually get an allowance from their parents in exchange for chores around the house like cleaning their rooms, washing the dishes, or walking the dog. Other teenagers get money from grandparents, friends, or family members as a gift, and those who are in college or university usually get a stipend from their scholarship if they have one. Below we have listed some of the stuff that teenagers these days spend their money on:
Food
Teenagers love to eat, and what they love more than eating, is getting food quickly and conveniently. That is why outlets such as McDonalds, Starbucks and Krispy Kreme are very popular amongst teenage consumers. Whether it is upper, middle- or lower-income class teenagers, they all love to eat! Teenagers usually go to the mall with their friends after school or on weekends and grab a bite to eat or get snacks for themselves.
Athletic Clothing
Athletic brands such as Puma or Nike are very popular amongst teenagers. These can either be worn during sporting events or casually at musical festivals. Sneakers and sweatpants are quite versatile as teenagers can wear them to class as well and that is what teenagers like. Although teenagers love comfortable and popular name brand clothing, because they grew up in the digital age, they can be quick to stop shopping at stores with minimal or no online presence. One thing about teenagers, they love convenience.
Technology and Gadgets
Teenager’s love spending most of their time online, whether it is on social media platforms like Facebook, Twitter and Instagram, or streaming movies, series, and music online on websites such as Netflix, Disney, or iTunes. Teenagers these days spend a lot of money of gadgets like Apple products such as iPhone, Air Pods or an Apple watch, video games like PlayStation, and Xbox, and wearable products like Fitbit. Smartphones use the most amount of money with online subscriptions like Apple Music, Netflix, and iTunes.
Online Shopping
A large number of teenagers prefer shopping online in the comfort of their own homes, as opposed to shopping in person at physical store. Living in the digital age, most teenagers prefer shopping for products they see on social media platforms which is one of the advantages of Instagram having an online store where you can buy anything online and have it delivered straight to your door. Another online shopping website that is gaining popularity amongst teenagers is Amazon. You can find almost anything on Amazon from food, books, clothes, hair products, gadgets, make up, you name it. With the click of a button, you can pay for products and have them delivered in a couple of days.
Entertainment
Teenagers are usually under a lot of stress, from going to puberty to school and love and relationships, they often need some downtime to unwind and relax. They usually go out with their friends on weekends to go to the movies, their favorite concerts or to sporting events. Depending on what their different interests are, a lot of teenagers spend a large chunk of their money on a social budget. Some prefer going out for lunch with friends or going to a teen club just to help them relax and forget about the stresses of life.
Savings
Okay so not a lot of teenagers belong in this category but a small number of them do exist. Because a lot of teenagers usually do not work for their money, they don’t know the value of hard work. They usually spend money as quickly as they receive it. Those that do work for their money, however, like to save up for college or further studies after school or to save up for a school dance or some other personal expenses. Teenagers can now open savings accounts at the bank where they can put in a small amount every week or every month and withdraw it when it matures.
Beauty Products
As teenage girls grow up, they start paying attention to their appearance and become more interested in make-up, clothes and other cosmetics and beauty products such as manicures and pedicures and getting their nails done. In order to keep up with their peers or impress their friends, they end up spending a lot of money on their appearance. They can buy products like nail polish, make-up products, hair products and jewelry.
Teenagers have many ways of making a lot of money, and because they usually do not have many responsibilities, they enjoy spending money on themselves and their friends. They spend money on food, entertainment and beauty products leaving very little or none to save for a rainy day. Some can save up for upcoming events or music festivals, to spend on their family members or for college.
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AUTHOR: JENELLA J. BROWN
