Saturday, December 21, 2002

What's the Buzz?


Hard times hit teens, too

Even the nation's youngest consumers apparently are not immune to the effects of a sluggish economy when it comes to their holiday spending plans.

According to a recent Junior Achievement poll, teen spending on Christmas gifts is expected to be flat this year as parents - many of whom have been hit hard by layoffs and pay cuts - have held back allowances.

According to the late November poll of 1,201 teens nationwide, fewer teens are receiving allowances, with 40 percent saying they receive allowances this year, compared to 44 percent last year. The poll has a margin of error of plus or minus 3.1 percent.

Boys were less likely to receive allowances than girls, according to the poll, but there were no significant variations between boys and girls' plans for holiday spending.

A majority of middle and high school students of both genders - 41 percent - said they would spend about the same or less than last year.

But most will probably turn to their parents' pocketbooks to make up for their decreased spending power.

More than 68 percent of teens polled in the survey said they influence their parents' buying decisions.

With adult consumers expected to spend an average of $830 on holiday gifts this year, teens will probably have plenty to say about where it gets spent.

Randy Tucker