According to a consumer survey, teens are spending less money on clothes than they did a year ago.
The Taking Stock With Teens research survey, a semiannual analysis of spending trends and brand preferences among 6,100 teens across 44 U.S. states, says that teens are spending less on clothing (20 percent) than they do on food (24 percent).
The study finds that sales for athletic apparel are moderating, with Nike experiencing the largest drop. And Ralph Lauren, Steve Madden, Ugg, Fossil and Michael Kors are seeing the largest declines among major brands. The survey does, however, point to a shifting preference toward streetwear brands among teens.
“For the first time in years, we’ve seen Nike share moderate as a preferred brand,” said Erinn Murphy, senior research analyst at Piper Jaffray, the investment bank and asset management firm that has been conducting the survey since 2001. “Offsetting this weakness, we’ve seen an unexpected rise in trends like streetwear, with Vans and Supreme gaining momentum,” she concludes.
Where teens shop is shifting, too. The survey found that 23 percent of teens prefer to shop specialty retailers, which is down 3 percent year-over-year, while pure-play e-com tied its spring 2017 peak at 17 percent, up 2 percent year-over-year.
Teens increasingly prefer Amazon as their favorite website at 49 percent share, a 9 percent increase year-over-year.