In the 90s (circa Saved by the Bell years), you could find pretty much every Amercian teenager hanging at the mall. Now, these behemoth bricks of consumerism are fading out and being replaced with a new cash cow: restaurants. Unable to keep up with cheaper online prices, brick and mortar retailers have been forced to shut their doors.
Teens who go to malls have dropped off by 30 percent in the past decade, according to an annual report by Piper Jaffray (which surveyed nearly 7,500 teens). The decline has been quickened by stricter curfews enforced by mall cops who kick out loiterers. Teens are also becoming more interested in “experiences” as opposed to fancy clothes or accessories, spending more money on food and events than clothing.
Check out Quartz's breakdown of upper income and average income teen spending:
"Restaurants have become a gathering place and teens are increasingly suggesting they prefer dining out to other forms of status brand spending," the report points out. "We see restaurants as the next generation hang out for teens."
