Piper Jaffray & Co. recently announced the results of its 14th biannual research survey, Taking Stock With Teens, which is a national study on teen spending habits. After surveying approximately 980 students at malls across the country and completing another 3,000 surveys online, the research team published key findings for teens' purchasing behaviors and preferences in the categories of digital entertainment, fashion, apparel, beauty and personal care, home furnishings, video games and restaurants.

When asked about buying habits of MP3 players and online music, 82 percent of the students who own an MP3 player indicated that they also own some form of iPod, which is up from 79 percent in fall 2006. Purchasing online music is also becoming more mainstream. Even though 64 percent of students said they still download music illegally, that is down from 72 percent at this time last year. iTunes continues to dominate the market share for music buying at 79 percent. In addition, after only three months of availability, 3 percent of the students own an iPhone, and 9 percent expect to buy an iPhone in the next six months.