Dive Brief:
- Continuing its reign among younger consumers, Nike remains the top footwear and clothing brand among teenagers, according to a new survey of over 9,000 teens from the investment bank Piper Sandler.
- Thirty-seven percent of survey respondents named Sephora as their top beauty retailer, followed by Ulta (32%), Target (9%), Amazon (5%) and Walmart (5%), the report found.
- More than half (55%) of survey respondents named Amazon as their top e-commerce shopping site, followed by Shein (12%) and Nike (7%).
Dive Insight:
Nike has held strong as the most desired brand for teens in recent years. Piper Sandler’s survey in 2021 also found that Nike surpassed other apparel and shoe brands that year, ahead of competitors like Converse, Crocs, and Lululemon. Nike also took the top spot in both categories for teens last year.
Piper Sandler’s survey indicates that inflation has affected teenagers. While teens named the environment as the top social cause, inflation came in second place at 9%.
Overall self-reported teen spending dipped by 1% year over year to $2,316. The survey found that teenage boys’ spending increased 11% while teen girls reported an 8% drop in spending from the year prior. Fashion spend among girls was down 7% overall last year. Though accessories spending rose 8%, apparel and shoe purchases dropped by 9% and 5%, respectively compared to the year-ago period.
“Our survey points to initial signs of a slowdown in teen spending. Inflation reached its highest mindshare in terms of political and social issues, right behind the environment,” Edward Yruma, senior research analyst, said in a statement.
Coach continues to win over teenagers, but others are starting becoming less popular among the cohort, Piper Sandler found. Nineteen percent of teenagers cited Coach as the top handbag brand, followed by Louis Vuitton (11%), Kate Spade (10%), Michael Kors (8%) and Chanel (6%). But while Coach has retained first place, Michael Kors has slipped in popularity from second place in 2022 to fourth this year.
