US: Survey suggests “spending fatigue” hits teen fashion
Teen spending on fashion has slowed as demand for fast fashion softens, according to a new survey.
Piper Jaffray’s semi-annual “Taking Stock with Teens” survey of 8,650 teens with an average age of 16.2 years, found that the fashion category accounts for about 39% of teen budgets, consistent with the last survey, but spending has fallen by mid-single digits on both the prior year and prior season.
Footwear is outperforming apparel and accessories, Piper Jaffray said, with insights suggesting a modest increase in action sports mindshare, further contracting demand for fast fashion, alongside a growing preference for fashion athletic wear.
“Our fall 2013 survey results suggest teens are experiencing general spending fatigue across key categories, specifically fashion-related items,” said Steph Wissink, co-director of research and senior research analyst.
“Intent to spend also moderated, despite over two-thirds of teens signalling confidence the economy is stable to improving,”
Wissink added that the survey suggested regular teen browsing on mobile devices, leading to less frequent shopping and engaging with brands in their own time.
“This dynamic alters the assumptions surrounding the square footage and retail inventory needed to service this target demographic,” she said. “A period of rationalisation may be needed.”
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