Teens Are Turning Their Backs On Nike
The styles and icons of the 1990s are capturing the attention of U.S. teenagers, and that’s just one of the factors influencing their preferences and purchases, according to investment bank and asset management firm Piper Jaffray’s 34rd semi-annual “Taking Stock With Teens” research survey. Overall, teen spending is down 4.4% year-over-year, while their parents’ contribution is 67%, just below the long-term average of 68%, the research found. Teen priorities have shifted: Piper Jaffray found a “slight downtick” in video game spending, a “moderate downtick” in food spending and a “slight uptick” in apparel spending. While food’s share of spending dropped from 24% in the spring to 22% in the autumn, it’s still more than teens’ spending on clothing, which is at 20%. Nearly a quarter (23%) of teens prefer to shop at specialty retailers, (down 3% year-over-year), while pure-play e-commerce tied its spring 2017 peak at 17%, (up 2% year-over-year). Read more at Retail Dive.
