Over 60 % of teenagers already own an iPhone and excitement is growing over the much-rumored launch of an ‘iWatch.’

That is according to the latest installment of investment bank Piper Jaffray’s biannual “Taking Stock with Teens” report which polls the younger generation on everything from fashion taste to choice of social networking apps.

In all, the report, published this week, processes the likes, dislikes and consumer habits of 7,500 teens with an average age of 16.4 years and reveals that gadgets and electronics currently account for just 8 % of their spending, with games systems and games accounting for a further 7%. Read more…