Our 2017 Summer Spending Recap
Today we released a snapshot of U.S. teen spending over the summer. The data, which aggregates the spending of Current debit card users, shows that American teens spent $31 a week on average from June 1 through August 26. Average weekly spending increased steadily with age, with 16-year-olds spending $38.98 a week. Current provides a debit card and companion smartphone app for teens (and parents) that makes managing money easier for families.
Cash accounted for a very small percentage of overall spending, with ATM withdrawals accounting for only 2.8 percent of all transactions, even though teens were four times more likely to spend money at brick and mortar retail that online. Debit transactions at retail accounted for 79.7 percent of spending and eCommerce for 17.5 percent of spending.
A variety of retail segments — including clothing and accessory stores, discount and convenience stores, pharmacies, toy and hobby stores, and cosmetic stores — captured 52.2 percent of retail spending. Food and drink accounted for 40.6 percent of spending. Entertainment accounted for the remaining 7.2 percent of retail spending, with 3.7 percent spent at movie theaters and 3.5 percent spent at parks and museums.
Video games represented the largest category of eCommerce, accounting for 40.3 percent of money spent online.