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The numbers you need to know.
A Piper and Sandler survey found that Nike is the most popular brand among teens for apparel and footwear, with On, Hoka, and New Balance gaining ground since last year.
But the average teenager has less to spend this year given that 6,020 respondents with an average age of 16 self-reported spending 6% less year over year, but 1% more than Piper’s survey last fall. But even that survey found teenagers spending 4% less YoY and 1% less from the previous survey in the spring of 2023.
“We are seeing some significant shifts in brand preferences including the rise of smaller, innovative brands which are taking share from incumbents,” Abbie Zvejnieks, senior research analyst at Piper Sandler, said in a statement. “We think social media has led to an accelerated trend cycle including an increased emphasis on key products, and brands will have to be nimble to keep up.”
Footwear is the go-to purchase for teenagers, although spending was down 1% YoY overall and spending for average income teens fell 3%, according to Piper. Upper-income teens upped their spending 5%.
- Parent’s contributions to their kids spending remains on par with last year at 62%.
- Almost 4 in 10 (38%) teenagers surveyed reported being employed part time.
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