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Piper Jaffray published its semi-annual, proprietary "Taking Stock With Teens" survey, results of which indicate a clear bias toward value brands and lower overall prices paid for fashion products at all levels of household income.

"For upper-income households fashion budgets continue to decline but sentiment is improving," said Jeff Klinefelter, senior research analyst at Piper Jaffray. "For average- income households, teen fashion budgets remain relatively stable. In aggregate, we continue to believe teens will spend for differentiated merchandise, but significant discounting and an unstable employment environment remain key themes in teen budgeting decisions."

Key findings from the survey in fashion, beauty and personal care, restaurants, digital media and video game categories include the following:

The "Taking Stock With Teens" survey is a research project comprised of gathering input from approximately 6,000 students with an average age of 16.3 years. Teen spending patterns, fashion trends, and brand and media preferences were assessed through a combination of geographically diverse high school visits with teens in seven states and as well as a wider group of teens from 31 states through an online survey in partnership with DECA (an international association of high school students).

About Piper Jaffray

Piper Jaffray Companies (NYSE: PJC) is a leading, international investment bank and institutional securities firm, serving the needs of corporations, private equity groups, public entities, nonprofit clients and institutional investors. Founded in 1895, Piper Jaffray provides a broad set of products and services, including equity and debt capital markets products; public finance services; financial advisory services; equity and fixed-income institutional brokerage; equity research and fixed income analytics; and asset management services. Piper Jaffray headquarters are located in Minneapolis, Minnesota, with offices across the U.S. and in London and Hong Kong. Piper Jaffray & Co. is the firm's principal operating subsidiary. (

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Piper Jaffray
Research Analyst Media Relations
Terry Sandven, 612 303-5527