Teens are spending less on fashion apparel, but the category still makes up a large percentage of their budgets, according to a survey conducted by Piper Jaffray & Co.
The 14th annual "Taking Stock With Teens" survey, a national study on teen spending habits and retail brand perceptions, revealed that apparel spending has declined 24 percent since spring.
And young women are the ones cutting back. Spending by teen girls dropped 18 percent compared with a 9 percent decline for young men.
But the fashion category still represents 42 percent of the total teen budget for the fall season.
Despite the slowdown, spending expectations remain consistent. Approximately 50 percent of the students surveyed plan to spend the same amount of money on apparel this season. "We believe the discrepancy between budget dollars and expectations may be due to a decline in contributions from parents," senior retail analyst Jeff Klinefelter said in a release.
Hollister leads the pack among teens' favorite places to shop for the sixth consecutive year. It is followed by West Coast Brands, American Eagle, Abercrombie & Fitch and Forever 21.
The study surveyed 980 students and included mall research field trips in 10 cities across the U.S.
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