Where Do Teens Spend Their Money? An expose by Megan DurisinMegan Durisin

A new survey by research firm Piper Jaffrey polled more than 8,000 teenagers on everything from where they eat, to which headphones they use when they tune out Science class.new survey by research firm Piper Jaffrey

Teens are hungry for new clothes. They spend 40% of their cash just updating their wardrobe.

They're really stocking up on athletic wear, which rose 5% in popularity since spring 2012.

More than two-thirds of teenage girls said they shop at low- budget stores and outlets, along with 55% of boys.

When they splurge on name brands, Nike is the clear favorite. It's held the No. 1 spot in brand preference by upper-income teens in the past five surveys.

Ladies love Coach handbags. One-third of teens say they only carry that brand.

Forever 21 is gaining traction, with 12% of girls naming it as a new brand they're trying out.

Meanwhile Hollister lost 17% of its clientele and one-third of girls said they stopped wearing Aeropostale.

The hottest trend in high school are hands down Nike's Air Jordans for the boys and Lululemon's infamous yoga pants for the ladies. Each garnered 10% or more of teens' votes.

When it comes to food, more than 40% said they've purchased organic food so far this year, compared to 33% in 2011.

For eating out, about 41% said they prefer quick service dining options and 15% like fast casual options best.

More than half of teens named Olive Garden as their favorite Italian restaurant.

And teens are seriously ditching Taco Bell for Chipotle Mexican Grill –– 63% vs. 14%.

Twice as many teens said they'd rather tune out class with Beats headphones by Dr. Dre over Apple's ear buds.

Still, nearly half of teens are iPhone owners.

Apple is still King among teens, of which 59% said they use Apple OS. Android came in 30% behind.

But smartphones are old news compared to tablets. Nearly 70% said they own an iPad and the 20% who don't have a tablet said they plan to buy one in the next six months.

Teens still dig video games. Half said they planned to pick up a new PS4 and Xbox 720.

Assignment What product or service do you have that you buy regularly. What could you do to improve it? How could you convince consumers (other teens) to buy your version over your competitor’s version?

Directions Show us the current model (picture or your illustrative sketch) and price. Clearly point out the improvements you want to make to it (or wish it had) Outline your marketing scheme to increase sales of YOUR version over the existing one (Who, what, where, when, how, price) Design an ad to market your new product. (See class resource on advertising and marketing strategies)

Rubric Illustration of current product and price (20 pts.) Market improvement (25 points) Outline of marketing schematics (30 points) Advertisment Design (25 points)