Athleisure Brands Are Still Dominating Among Teens — But They’re Watching Their Dollars Amid Worsening Economy
Click here to read the full article.
As the coronavirus blunts the global economic outlook, teens are curbing their spending.
According to Piper Sandler’s 39th semiannual “Taking Stock With Teens” survey, released today, teen’s annual self-reported spending has fallen to $2,300, a 13% drop year-over-year and the lowest amount since fall 2011. About half (47%) of teens said they feel the economy is worsening, up from 32% in the fall.
More from Footwear News
How the Fed's New Lending Program Can Help Boost Struggling Businesses in Coronavirus Times
Quarantine Routine: Rasheeda Frost on Juggling Leadership, Motherhood and Influence in Tough Times
New Balance Furloughs Workers Across Stores, Factories and Offices
The survey, conducted from Feb. 17 through March 27, included results from about 5,200 teens, 16 years old on average, across 41 states. Some respondents took the survey while quarantined at home following school closures.
Wallet-weary teens have also begun spending less on footwear, with shoe budgets falling to an average of $284, a 5% year-over-year decline. There appears to be something of a gender divide when it comes to shoe spending, however, as male respondents indicated they spend an average of about $100 more yearly on footwear than their female counterparts.
Athletic brands continue to trend among Gen Zers, with Nike holding strong as the most-wanted label in both the apparel and footwear categories. The Swoosh’s share of the footwear category grew by 5% to 47%, with its slice of apparel rising 2% to 25%. Vans held steady at No. 2 in footwear with a 20% share. Meanwhile, Adidas landed the No. 3 spot in both shoe and apparel categories, with 11% and 5% shares, respectively.
Notably, Lululemon hit its new peak in the apparel category, climbing one spot to No. 6 from its previous high this fall. Crocs is also moving up: The clog maker landed the No. 12 spot, its highest-ever springtime placement and a seven spot rise from spring 2019.
Want more?
Gen Z Loves Adidas, Baby Boomers Buy Coach: The Most Popular Resale Brands for Every Generation
Millennials and Gen Zers Might Not Be So Bad With Money After All
Run the Numbers: Millennial and Gen Z Shoppers Trust Social Media More Than Family and Friends
Best of Footwear News
These Theories About How Black Friday Got Started Will Surprise You
A Look Back at Iconic Department Stores That Went Out of Business
6 Shoe Companies That Have Gone Bankrupt in the Past Year — & How They're Faring Now
Sign up for FN's Newsletter. For the latest news, follow us on Facebook, Twitter, and Instagram.
