American teenagers are the latest consumers that have had to cut back on frivolous spending, as gas prices are affecting parents’ spare change, affecting the retail exchange traded funds (ETFs) to an extent.
Up until recently, kids were still boosting sales at trendy stores such as Abercrombie & Fitch (ANF) and American Eagle Outfitters (AEO). Handouts from parents and part-time jobs bolstered this spending. But now that these smaller part-time jobs have dried up, so has the extra money, report Lauren Coleman and Heather Burke on Bloomberg.
Spending by the 13-17 year old set was crucial as it has been the fastest rising contributer of apparel sales. More sales declines are expected into the months ahead, as teen jobs continue to disappear and fewer parents are unable to shell out $50 for a pair of jeans for their teens.
Is this the beginning of the end for "consumericanism"?
The opinions and forecasts expressed herein are solely those of Tom Lydon, and may not actually come to pass. Information on this site should not be used or construed as an offer to sell, a solicitation of an offer to buy, or a recommendation for any product.