Teenagers with their wallets are favoring retailers Lululemon, Ulta, Amazon and Vans for its sneakers, along with fast-food chains like Chick-fil-A and Chipotle, according to a new survey by Piper Jaffray.
Teenagers on average are spending $2,600 annually on food and clothes, favoring retailers Lululemon, Ulta, Amazon and Vans for its sneakers, along with fast-food chains like Chick-fil-A and Chipotle, according to a new survey.
The study comes at a time when, after millennials, the retail industry is now trying to figure out the shopping behavior of teens, who are often referred to as Gen Z consumers, born between 1997 and 2012. Piper Jaffray has estimated teenagers accounted for more than $75 billion in spending power at the end of last year, with roughly a quarter of the U.S. population under 20 years old.
On Piper Jaffray's survey this year, Lululemon is listed as one of the top 10 apparel brands among teens for the first time ever. The leggings maker also surpassed Adidas to become the No. 2 preferred athletic apparel brand, behind Nike. Overall, the favorite apparel brand among teens remains Nike, followed by American Eagle, Adidas, Forever 21, Hollister, PacSun, Urban Outfitters, Lululemon, Victoria's Secret and H&M.
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