OMG! Teenagers cut back on holiday spending
Watching their parents lose jobs and worry about money seems to be forcing many teenagers to reevaluate their own spending habits.
In fact, this younger group may actually be among the hardest hit, analysts suggest."It is the most uneven recession ever. It's all young and working class for the most part ... In the labour and youth markets, I would call it a Great Depression," labour economist Andrew Sum told Reuters.
It seems, according to John D. Morris, a BMO Capital Markets analyst who conducts sessions with teenagers to study retail trends, that young people are finally realizing that nearly everyone has been cutting back. As a result, they’ve been staying away from high end retailers like Abercrombie & Fitch, and looking for ways to get better value when they do purchase something.
“That to me is the confirmation that for them it’s not all about status labels and chasing trends. It’s more about enduring quality,” say Morris.
This is good news, believes Beth J. Harpaz, author of “13 Is the New 18”. She worries that the generation coming up focuses way too much on owning the latest gadget or the right brand-name sneaker.The recession makes her even less enthusiastic about the notion that it's ok for kids to run out and buy things they don't need.
How do things work in your house? Are teenagers really cutting back?
By Gordon Powers, MSN Money
Posted by: Lisa | Dec 30, 2021 8:55:38 AM
This is funny. It was always my mother (80 year olds) who was buying the "status labels"...but she always claimed it was because of their "enduring quality." So, now it's NOT about the "enduring quality??" (That's news to me.)
Anyway, my household seems to be opposite to the majority. My teenager doesn't have a laptop or a cell phone or many expensive clothes either. She is simply told we don't have the money for it and she must accept that...or live somewhere else?? (I've never had a problem with it...ever.)
Posted by: SP | Dec 30, 2021 9:10:21 AM
Of Course ! They have decided not to look well off & successful & have instead chosen to look frugal. Economics has NOTHING to do with it. Good thing that teenagers live on their own & don't rely upon others for money or this 'research' might be missing something. I think BMO Capital Markets analysts need an education as well as their degrees.
Posted by: doug | Jan 1, 2022 8:48:17 AM
to sp-you absolutey have my ire up - for shame!!!
teenagers live on their own???...where in reality might I ask that is??? The past decade trend is "young 20-30's' people returning home due to economics??
when will people realise that appearing 'well off' in thin seasonal rags that wash out of shape the third wash b/c the fashionista's have decided to tell us what to wear every two months- *yah..GREAT value there.* is NOT presenting one as wel off and successful-frugalista or no. Somehitng to think about in those A&F washcloths!
Spending more on individual enduring items of clothing in classic styling has never been out of fashion by the well to do--frugalista's or no
I'm agreeing with Lisa here-when it's not in the budget one saves and waits or simply goes without--it's called budgeting-and hey...the media that tells you what to do has been telling you that for a long time-so pay attention when your common sense has failed.
Posted by: Bemused | Jan 3, 2022 2:15:51 AM
To Doug,
SP was clearly being sarcastic.
Posted by: SP | Jan 3, 2022 7:24:57 AM
Classic...
It would appear that 'Doug' is perfectly qualified to be a BMO Capital Markets analyst but that 'Bemused' clearly has too much intelligence to hold such a position.
Thank you 'Bemused' for assuring me that not everyone online is a modern banking 'genius'
Posted by: Lisa | Jan 3, 2022 9:37:29 AM
NO, "SP" was NOT clearly being sarcastic. Has anyone been to a high school lately??? Or a local bar for that matter??? (I have done both.)
What is "in" is ripped jeans and jeans hanging down so low, you honestly wonder if the jeans are going to fall off or not! And to boot...the underwear underneath are completely hideous! OH...and skirts so short, EVERYONE (not just the guys) are amused enough to look and see if they'll "catch" the sight of anything!
Honestly, I can't believe that parents are allowing their teens and 20 something's to walk out of the house that way!
As for people with "smarts"...remember that education and wisdom are two completely different things...and NO the young people of today do NOT have wisdom...however, noone is teaching them right from wrong anymore. You can blame THAT on the parents.
By the way...Thanks Doug for being on my side.
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