Are Teens Leaving the Mall for Good?
According to The Wall Street Journal, teenagers are leaving the mall and heading for Wal-Mart. “In fact, a recent slowdown in teenage spending has investors fearing that ‘recession’ has, like, officially entered the teenage vocabulary.”
Until now, teens have seemed immune to the topsy-turvy workings of the American economy. But Kate Danai, analyst, Teenage Research Unlimited says, “Teens across the nation are reporting that their parents have cut back on their allowances. They’re also finding it tougher to get jobs. Last summer, the rate of teenage employment was at its lowest rate in 38 years, according to the Bureau of Labor Statistics. And this year, employment for May and June was down significantly from those levels.”
Many are not buying into the idea that the teenage economy has gone into a recession. “This whole ‘teen recession’ idea is a complete overreaction,” says Pacific Sunwear spokesman Carl Womack.
Moderator’s Comment: Is the teenage economy in recession?
You wouldn’t know it in our neck of the woods, although
we did hear our thirteen-year old lamenting that dollars just aren’t going as
far as they did when he was a kid. [George
Anderson – Moderator]