Young but mighty, GenZ possesses mega purchasing power and large amounts of influence on social media. The latest “Taking Stock with Teens” survey conducted by Piper Jaffray Companies confirmed the ongoing relevance of Snapchat and their penchant for all things athletic.
The semi-annual survey polled 6,100 teens in 44 U.S. states – the average age of the respondents was 16 years old. The review aims to collect the latest nuances in spending trends and brand preferences of the demographic.
“For the first time in years, we’ve seen Nike share moderate as a preferred brand. Offsetting this weakness, we’ve seen an unexpected rise in trends like streetwear with Vans and Supreme gaining momentum. In addition, other brands such as Adidas, Puma and New Balance have been capturing more mindshare as teens gravitate towards that 1990s retro look,” said Erin Murphy, senior research analyst at Piper Jaffray.
Overall teen spending dropped more than 4 percent, the survey found. Teens are spending less on clothing – potentially conserving funds for experiences, namely dining. “Food ticked down from 24 percent in spring 2017 to 22 percent in fall 2017, but remains larger than clothing at 20 percent,” the report said.
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According to the survey results, streetwear isn’t going anywhere. Though Nike’s apparel overall spend share slowed, athletic footwear continues to rise. The report noted that teens are broadening their spending for ath-leisure and streetwear – opting to patron Vans and Supreme.
Where are they purchasing? Amazon, mostly. Forty-nine percent of the respondents said that the e-commerce behemoth was their top shopping website (up 9 percent year-on-year). Nike was the second highest shopping website at 6 percent.
Teens love to Snap. “Snapchat is the preferred social media platform for 47 percent of teens using the platform – up 12 percent year-over-year,” the report said. And their planning on using their newly purchased iPhone to access the social channel. Eighty-two percent of teens – a survey high – said that they plan to have an iPhone as their next smartphone.
Launching YouTube campaigns will continue to grow in importance to reach Generation Z. “Streaming continues to gain teen video share as preference for linear TV declined 2 percent since last fall,” the report said.
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