What may be most surprising is that teenagers are shopping (horrors) much like their parents, seeking experiences over merchandise. Apparel sales were flat among affluent teens and down 2 percent among mid-income teens. But events and food (restaurants) saw modest gains.

“It's increasingly evident that teens are browsing more often via their mobile devices, shopping with purpose (conversion rates are up), buying when they have a real or perceived need, and visiting the mall less for entertainment value,” the report says.

Just like their parents, teens increasingly are shopping online and on their smartphones, though three quarters of the young women surveyed said they still prefer stores over the Web (men were split evenly). However, they do prefer omnichannel retailers, with only 14 percent of the girls and 24 percent of the boys opting for pure e-commerce sites.

Years ago, mall managers were trying to come up with ways to keep teenagers out – now they should be focusing on ways to bring them in.