Asset management firm Piper Jaffray Companies released their 32nd semi-annual “Taking Stock with Teens” research survey and found that while teen spending is down compared to 2015, spending among upper-income teens increased by 2.5%. Piper Jaffray says that historically the results from the upper-income bracket generally lead overall spending.
Of the 10,000 teens surveyed in 46 states, the average age was 16 with an average household income of $68,000. Among upper-income teens, athletic apparel was still on the rise, with Nike, Adidas and Under Armour gaining share. Among all teens, Nike was the most popular footwear brand, with more than half of those survey preferring the swoosh brand, followed by Vans, Converse and Adidas.
Forty percent of teens listed Amazon as their number one shopping site, while Amazon Prime subscriptions have increased across all income brackets surveyed this year, with 58 percent of teens saying they have access to Amazon Prime in their households.
“While total spending among the teen demographic appears to be down slightly versus last year, we are encouraged that the upper-income teenagers in our survey are indicating more optimism and positive spending trends. This increase in spending among upper-income teens seems to be largely broad-based across fashion and beauty,” said Neely Tamminga, Piper Jaffray senior research analyst.