It’s no secret that teens love streetwear. In a new survey conducted by investment bank Piper Jaffray, we’re finding that kids are being drawn to brands with a “street” aesthetic more than ever before.
Piper Jaffray in turn polled roughly 6,000 kids with an average age of 16 to see what brands they’re actually spending money on. adidas this year joined the top 10 for the first time, while Supreme rose from 10th place last fall, now to seventh. While Nike remains the most sought-after apparel brand for young people, albeit down in popularity from last year, Vans experienced the biggest leap in the footwear category, being the preferred choice of 16 percent of teens, in comparison to 9 percent during the previous survey period.
“Both Vans and adidas have this ‘open-source’ platform where they allow pop culture to help guide and influence how they are positioned with the consumer today,” says Erinn Murphy, senior research analyst at Piper Jaffray and co-author of the report. “Having a very collaborative environment when it comes to the softer side of brands is very important. Both of those brands were open to that, whereas Nike has historically been a performance-led company.”
Teenagers are also being drawn to labels delving back into their ’90s archives. Here, we find the likes of Gucci breaking into the top 10, while Tommy Hilfiger and Champion have also made significant strides. It’s also worthy of note that for the first time since 2002, Ralph Lauren was not among the preferred brands for kids.
In total, teen spending is up by 6 percent from last fall and 2 percent from a year ago. Clothing is reportedly the second highest expense for males, behind that of food. Apparel is, however, the top priority for females.
In related news, bitcoin millionaires are spending a ton of money on streetwear.
- Source: Business of Fashion