Amazon's in, Abercrombie's out and other ways teenagers are spending money
Investment firm Piper Jaffray released its semiannual report on teen spending this Wednesday, and the folks at Business Insider were kind enough to makes sense of it all in a series of handy facts and charts.
Here's the breakdown:
Teens spend most of their money on food. Guess this means we're all teens then: "Food accounts for 23% of teen spending, followed by clothing (20%), accessories (10%), video games (8%), cars (8%), electronics (8%), and shoes (7%). The rest is spent on music, movies and events." Notably absent from the study are drugs and alcohol because that's totally not a big expenditure for adolescents, like, at all.
Nike remains the top apparel brand among teens across all income levels. Under Armour, Adidas and Lululemon are huge too, signaling that activewear has surpassed denim as the casual mainstay of the moment. Does this mean health goth is still a thing?
On the flipside, brands that are slipping with the youth demo include Aeropostale, Hollister and Abercrombie & Fitch. Sorry, Abercrombie. This probably didn't help.
Teens shop on Amazon (36%) more than any other website. The next most popular e-commerce destinations--Nike (8%), eBay (5%) and Forever 21 (5%)--don't even come close.
Online shopping is big in general, with increasingly more males jumping on the bandwagon. Gone is the golden age of the mall.
Starbucks (14.3%) continues to be the no. 1 restaurant among teens, but Chipotle is edging in there (14%).
Instagram is the most popular social media network for teens, followed by Twitter and Facebook, in that order. Blame Kylie Jenner.
As usual, teen girls are leading the charge when it comes to shifting consumer trends. This should come as no surprise, considering young women are also, apparently, the major drivers of language change.