Probably no surprise here...

A semiannual survey of 7,000 15- to 18-year-olds by Piper Jaffray, an investment bank and research firm, showed that annual discretionary spending by teenagers, whose money comes from allowance, gifts and part-time jobs, had dropped 27 percent to $2,600, from its spring 2006 peak of $3,560.

Interestingly, the survey showed that the amount teenagers allocated for clothes had increased 1 percent, but that they were patronizing stores with lower-priced labels.

Source: BrandNoise
http://brandnoise.typepad.com/brand_noise/2008/10/teens-pitch-in.html