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Though fashion still accounts for 41% of the total teen budget, total teen spending in the category declined nearly 20% year over year, pointing to a “discretionary recession,” according to the 15th semi-annual “Taking Stock With Teens” study by Piper Jaffray.

Compared with last year's study, young men spent 15% less on discretionary items (fashion, beauty and personal care, home furnishing, video game, digital media and restaurant categories); young women spent 11% less.