For good reason, Millennials have been called the largest and most influential generation of consumers ever.
The some 80 million Millennials born between the years 1980 and 2000, or those between 14 and 34 years of age, will spend more than any other generation by 2017 – making them one, if not the, most important demographic to understand and target.
This means you must have a keen understanding of the diverse generation that encompasses many segments, all of which have different needs, mindsets and preferences.
To help you keep up with this powerful, yet ever-changing demographic, financial services firm Piper Jaffray, recently released its 27th semi-annual Taking Stock With Teens market research project, which assesses and analyzes teen spending patterns, fashion trends and brand and media preferences.
According to Steph Wissink, co-director of investment research and senior analyst at Piper Jaffray, over the past 13 years since the survey began, there have been “notable changes in the brands teens aspire to own and wear, the influences that direct what they buy, and how teens are consuming, interacting with and sharing the brands they love.”
However, despite these notable changes, “the universal truths about teens remain the same – they continue to seek peer affirmation, their spending is almost entirely discretionary, and they are early adopters of change.”
Yet, what’s different about this generation of teens compared to previous teen generations is that they are non-conformists, seeking experiences of products.
To that end, you’ll find some of the most interesting facts and charts from the survey below.
- At 21%, teen spending on food equals spending on clothing.
- Across both upper and average income groups, teen males indicated they were spending more sequentially, up 4% from fall of 2013.
- Nike remains the top clothing brand among teens across all income levels. Forever 21, Action Sports Brands, American Eagle and Polo Ralph Lauren also rank among the most popular apparel brands.
- “Athleisure” – casual athletic clothing that can be worn outside the gym – is now more popular than denim.
- Active wear now comprises 28% of teens’ apparel purchases, up from 6% in 2008. The most popular brands for athletic apparel include Nike, Lululemon, Under Armour, and Adidas.
For more, read the full article and see the results here: Taking Stock With Teens – Spring 2014