Interestingly, the survey revealed a 1 per cent year-on-year decline in teen ‘self-reported’ spending, dropping to $2,316. This marks the first such decrease in teen spending recorded by this survey since before the COVID-19 pandemic struck.
Nike remains the top brand for US teens, commanding 35 per cent and 61 per cent mindshare in apparel and footwear, as per Piper Sandler’s fall 2023 survey.
Teen spending fell by 1 per cent to $2,316, the first decline since pre-COVID times.
Inflation emerged as a key teen concern.
Female spending witnessed a downturn in apparel and footwear.
As economic concerns loom, inflation has now become the second biggest social issue on teenagers’ minds, registering at 9 per cent among the surveyed group, as per the survey.
The survey also highlighted a gender-specific divergence in spending trends. While males led the spending increase, favouring brands like Nike, Lululemon Athletica, and American Eagle Outfitters, female spending witnessed a downturn, specifically in apparel and footwear. However, this drop was partially offset by increased spending on accessories.
“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,” said Edward Yruma, senior research analyst.
Fibre2Fashion News Desk (DP)