Finance Fingers

When you think about the U.S economy, you might not immediately consider the impact of teenage spending and its contributions. It is fascinating to note and maybe surprising to some that trends in teenage spending have some pretty significant effects on the country’s  economy. Let’s dive into some fascinating facts and figures to really understand this impact.

The Big Picture of Teenage Spending

First off, the numbers are seriously impressive. Do you know what teenagers spend annually in the U.S.?  According to lexingtonlaw.com teenagers spent $63 billion in 2023. That’s a lot of money! When you think about it, it’s not just allowances or birthday money. Many teenagers have part-time jobs, and with the rise of online platforms, there are even more ways for teens to earn and spend. This money goes into a wide range of sectors, from the latest fashion trends to the newest tech gadgets, impacting these industries in a big way.

Trendsetters in the Market

Teens spending decisions have a lot of power. We’re not just buying things; we’re influencing trends and pushing companies to innovate. For example, the tech industry is constantly evolving to keep up with our demands for the newest and coolest gadgets (I’m sure many of you have heard of the *latest* and *greatest* Apple Vision Pro VR set). We’re driving the market forward, and businesses are paying attention to what we want. Another big sector that is heavily influenced by teens is sports. According to Aspen Institute, the average family spends nearly 900 dollars annually for a child’s primary sport. This figure does not include merchandise related to the sport either.

Boosting Jobs and Entrepreneurship

Our spending isn’t just about the stuff we buy, it’s also about the jobs we help create. Think about it. The more we spend at our favorite stores, the more people they need to hire. Plus, many teenagers are very fond of starting their own businesses with over 66% of teens likely to start a business according to jausa.ja.org, bringing even more energy and new ideas into the economy. Not only that did you know Facebook (now Meta), Subway, and Dell Inc. were all started by teenagers? It is very inspiring seeing these wildly successful companies started by teenagers.

Digital Economy Pioneers

We’re also making a huge impact in the digital world. Our use of social media, online shopping, and gaming is shaping how these industries operate. Our preferences are guiding the way these platforms develop and change, making us key players in the digital economy.

A Glimpse into the Future

The way we spend our money can give clues about future economic trends. Companies and economists can look at our spending habits to predict what the next big thing might be. Are we going to lean more towards sustainable products, or is technology going to continue to dominate? Our current choices might hold the answers.

Teenagers as Economic Influencers

In conclusion, as teenagers, we are doing way more than just spending money. We’re influencing trends, driving innovation, creating job opportunities, and shaping the economy’s future. Every time we make a purchase, we’re making a statement and playing a significant role in the economic world. So, next time you buy something, remember, it’s not just a transaction, it’s a part of a bigger economic picture where teenagers are key players. Well, let’s just say as a competitive tennis player, I’ve contributed a decent amount in the world of tennis gear. Now, with my current tennis shoes practically eaten alive by all the running in this weekend’s tournament, it’s time to hit ‘Order’ on a fresh pair. The cycle continues!