The global financial crisis has not stopped Australian teenagers from spending, according to the latest IBISWorld report.
According to IBISWorld, 47.3 percent of 15-19 year olds are employed, 76 percent are working part-time and most are living at home, allowing them to continue to spend in the downturn without a worry.
IBISWorld general manager Robert Bryant said that many teenagers are working in the retail sector, an industry propped up by Government stimulus handouts, lower interest rates and reasonable petrol prices and therefore their view of the financial crisis is “distinctly indifferent.”
IBISWorld predicts the renewed spending by teens will help prop up a few sectors including fashion, entertainment, online shopping and fast food. Teenagers are expected to contribute $936.8 million to the clothing retail industry and they account for 22 percent of the takeaway food market, despite the fact that they only represent five percent of the population.
Bryant believes their aspirations for designer brands and the latest electronic gadgets will keep them spending for some time.