As Junior, Daniel Orona waited in line to pay at the cash register, he counted his money. After being in line for about 10 minutes, he got to the counter and paid with the paycheck he just got. He plans to spend it all on a pair of shoes for his girlfriend.
According to Piper Jaffray, a US Investment Bank, teens spend most of their money on food, clothes, electronics, personal care, and car-related expenses. American teens of average income families spent a total of $77.2 billion in 2018. On a weekly basis, Orona spends about $30 on food.
Both females and males teens spend more on food and clothing. While both have food and clothes as their top two categories, they spend different amounts on them. Daniel spends his money on his girlfriend and his car.
“I think I spend more on food because I love it,” Orona said. “Going shopping and getting new outfits with my girlfriend is one of my favorite things to do.”
Teenage boys forked out more on food compared to clothes. With teen boys’ metabolisms they dished out 23% of their money on food. Males spent 16% of their money on clothes.
“Most of my paycheck is gone by the end of the week because of these things,” Orona said.
Girls paid out 25% of their money on clothes. In a close second, girls spent 24% of their money on food. Junior Lane Lee admits most of her budget goes to her two favorite things; food and clothes.
“My favorite place to eat is Canes I spend most of my money at that place,” Lee said. “I shop a lot at PacSun and H&M.”
Electronics and cars took a total of 21% of teen's budget. Orona pays for both his car and gas expenses. When he wants any new electronics he pays but gets help from his parents too.
“I feel more responsible and better about paying for my own car and phone expenses,” Orona said.
In the personal care category, teens spend 10% of their money. Nails, barber, or skincare all account for personal care for teens. Lee says when she gets her nails or eyebrows done for banquets and other occasions she blows a lot of money on them.
“I wish I could manage my money properly but I really can’t,” Lee said.
Only one percent of teens’ budget went to books and magazines. Books aren’t as much of a priority to teens like Orona, and except for the occasional book store, many businesses don’t sell books anymore.