Has the restaurant replaced the mall as the local hangout for kids in America?
According to a recent study by Piper Jaffray on teen behavior, teens (particularly high income ones) spent more money on food this year than they did on clothing.
This is the first time ever that dining out has trumped shopping since the study started (this is Piper Jaffray’s 27th semi-annual study).
In the report, Piper Jaffray says, “We see restaurants as the next generation hang out for teens.”
What has caused this shift from spending on name-brand clothes to what the study refers to as “experiences”? Go ask a Millennial, or their younger sibling.