That’s just one conclusion from the latest Piper Jaffray “Taking Stock With Teens – Fall 2017” survey. The financial services firm began the survey 17 years ago, and has since reached out to over 155,000 teens and collected nearly 40 million data points on teen spending in many categories, including fashion, beauty, digital media and entertainment. The study on the teen mind-set is done semiannually. The latest survey included the opinions of 6,100 teens across the U.S., with an average age of 16.
The latest survey also found that apparel brand preferences are shifting toward streetwear brands such as Vans and Supreme. Brands that have frequented the favorites list — Nike, Ralph Lauren, Steve Madden, Ugg, Fossil and Michael Kors — saw the largest declines among the major names, Piper Jaffray said of its findings.
As for where they shop, 23 percent of teens prefer to shop at specialty stores, down 3 percent year-over year. Pure play e-tailers tied its spring 2017 peak at 17 percent, or up 2 percent from a year ago. In general, teens prefer Amazon as their favorite web site at a 49 percent share, reflecting a 9 percent gain from last year.
In the latest survey, wallet spend saw a slight uptick for apparel, and a slight downtick for video games. Food was down slightly to 22 percent from 24 percent in the spring, but still captured a bigger share of wallet when compared with apparel, which came in second at 20 percent. Teen spending in general slipped 4.4 percent year-over-year, while parental contribution to their spending dollars inched down to 67 percent, or slightly below the long-term average of 68 percent.
On the tech side, Snapchat is the preferred social media platform for 47 percent of users, which saw a 12 percent gain year-over-year. About 82 percent of teens said they expect their next phone to be an iPhone, up from 81 percent in spring 2017. More teens also expect their future video games to be digitally downloaded, while streaming continues to gain teen video share as a preference to linear TV, which saw a 2 percent decline from a year ago. In music, on-demand services such as Spotify, YouTube and Apple Music gained share, while Pandora radio saw a decline in teen usage to 35 percent from 49 percent a year ago.