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Traditional financial lore is that teenagers remain largely impervious to changes in the economy; teens and shopping go together like, well, chocolate and peanut butter. The current economic environment (notice that I am not using the "R" word) really is dire, though, because the news is now reporting that even teenagers are spending less.
There is a part of me that cannot roll my eyes forcefully enough over something like this. Because, honestly, it is neither true that all teens are shopping machines nor that kids trying to get the most out of their money is a new phenomenon. Nevertheless, thrifty teens are this week's it topic:
The souring job market and rising costs of the usual teenage indulgences - a slice of pizza, a drive to the mall, the hottest new jeans - are causing teens to do something they rarely do: be thrifty.
more stories like thisIt's a far cry from the freewheeling spending of recent years, when teens splurged on $100 Coach wristlet handbags, $60 Juicy Couture T-shirts, and $80 skinny jeans from Abercrombie & Fitch.
Now jobs for teens are less plentiful, and parents who supply allowances are feeling the economic pinch.
Stalwart retailers of teen apparel, such as Abercrombie and American Eagle Outfitters Inc., are reporting sluggish sales, defying the myth that teen spending is recession-proof.
It's even becoming cool to be frugal.
The article goes on to discuss things like how ELLEGirl is now hosting a regular DIY segment on their site called Self Made Girl. You can view the Prom Purse Segment for a taste of it, but do note that neither in the text entry or the video are prices discussed at all.
Following on a comment in the article from ELLEGirl editor Holly Siegel, SavvySugar turned to readers:
There aren't as many jobs available for younger workers and parents have less disposable income to give to their kids as spending money. The senior editor of Ellegirl.com, Holly Siegel, explained that teens understand the need to cut back and are all about finding deals. She added, "It's a little tacky in the economic unrest to tote a big logo bag." Do you agree with her?
At last check, 51% of SavvySugar readers said that big logo bags are always tacky, while 42% of readers said it's not tacky and people shouldn't be judgmental about it. The close running of those two opinions made me cringe a little, actually.
But the "big news" of the day? Teens shopping in secondhand stores and how this is a real shift in teen spending.
I find that interesting, given that I was a teen 20-something years ago and I shopped in thrift stores even back then. I don't remember being that unusual, either. There have always been Spenders and Savers even amongst teenagers, and guess what! We grow up into people who either must buy, buy, buy! or people who know how to manage our money. Go figure.
Sarah Burningham at How To Raise Your Parents agrees with me:
News flash: Teens have always been thrifty.
I mean, seriously, do they really think that teens had unlimited budgets before the market started to change? Teens have been shopping vintage and making their own clothes for years. For generations. Probably since the dawn of time. I think it's funny that the AP thinks this is a new trend.
On the other hand, Betsy at I Am TRex says the article got it wrong, but for a different reason:
In the slumping economy, teens are finding it cool to be frugal.
My thought, BULLSHIT! Kids may be more frugal, but no way are they finding it cool.
She goes on to give us her take on the reality of the situation:
Here’s what the conversation ACTUALLY sounds like:
I know we need to pay the rent and I know we need food and stuff, but you don’t underSTAND. I will just DIE if I have to go to Lisa’s party in a shirt I once wore to school? Do you want me to DIE? DO you HATE me?
I’m just guessing here.
Regardless of the scenario in your house -- whether your teen is whining for more or finding creative solutions to deal with a tighter budget -- I encourage all parents to check out Karen's recent Kids and Money post about how to handle money issues with kids of all ages, ranging from preschoolers all the way up to age
