Troubling trend: Even teens are cutting back on spending

U.S. teens are a mighty economic force, controlling an estimated $125 billion in sales annually. And should this sometimes profligate population ever start trimming its purchases, the retail world would tremble. According to a new study, that day has arrived.

The study, from Piper Jaffray, found that teens are concerned enough about the economy to begin cutting back on spending the average $5,000 a year that usually wafts from their wallets like Axe bodyspray from a gym locker. Many are postponing or bypassing purchases of items such as cosmetics, clothes and casual-dining restaurant meals. The study found that fashion spending among the group has dropped a brutal 14 percent.