Answer (from NPD Group reported in Wall Street Journal): $18.8 Billion

See how your students answers to these questions compare to these quotes from the Wall Street Journal article:

• Are teens more price sensitive than years past?

Analysts say teenagers are more price sensitive than in past years. “They grew up very cognizant of the Great Recession and their parents not being able to affordable everything they might have wanted,” said Melanie Shreffler, senior director at Cassandra, a youth-focused research firm. “For this reason, they are actually very pragmatic about purchases.”

• Do they like traditional retailers (like A&F/Gap) or lesser known brands?

Teen retailers have taken a beating in the past year as young consumers eschew uniformity and turn to lesser-known or fast-fashion options. Abercrombie & Fitch Co.said last week that profit tumbled 81% in the fiscal third quarter, and Gap Inc. recently reported its seventh straight quarter of lower sales. Brands like Brandy Melville, which has nearly 4 million followers on Instagram, have grown in popularity through social media.

• Are teens less interested in shopping? 

The firm projects that the percentage of teens planning to shop Black Friday and Cyber Monday will be down this year, due to a new streak of anti-consumerism. In a recent survey conducted by Cassandra, 77% of 14- to 18-year-old respondents said culture has become too consumerist, and 89% said reducing consumption will help make the world a better place.

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Check out the popular NGPF Lessons: Needs vs. Wants

About the Author

Tim Ranzetta

Tim's saving habits started at seven when a neighbor with a broken hip gave him a dog walking job. Her recovery, which took almost a year, resulted in Tim getting to know the bank tellers quite well (and accumulating a savings account balance of over $300!). His recent entrepreneurial adventures have included driving a shredding truck, analyzing executive compensation packages for Fortune 500 companies and helping families make better college financing decisions. After volunteering in 2010 to create and teach a personal finance program at Eastside College Prep in East Palo Alto, Tim saw firsthand the impact of an engaging and activity-based curriculum, which inspired him to start a new non-profit, Next Gen Personal Finance.