June 27, 2022

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Teens spend on Nike and Lululemon despite concerns about U.S. economy

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Athletic apparel sits on display inside a Lululemon Athletica store.

Xaume Olleros | Bloomberg | Getty Images

Teens are spending more and shifting their shopping habits, even as they worry about growing economic uncertainty, according to a new survey.

Athletic apparel brands such as Lululemon and Nike that combine comfort and fashion are winning out over traditional clothing labels, Piper Sandler’s biannual “Taking Stock With Teens” report released on Wednesday revealed.

Many teens say they’re either unsure of or uninterested in the so-called metaverse — the idea of buying goods through a virtual reality experience. Retailers including Nike, PacSun, Forever 21 and Ralph Lauren have all been dipping their toes in the budding technology.

A growing number of teenagers also say they’re much more familiar with NFTs, or non-fungible tokens, than they were last fall, while only a small percentage have actually purchased one.

But they’re also increasingly concerned about the Russian war in Ukraine, the survey revealed, and are less preoccupied with the Covid-19 pandemic.

The results of the biannual survey have implications for the businesses vying to win over this generation’s dollars. That’s particularly true now with the economic environment riddled with uncertainty.

Teens plan to spend about $2,367 this year on everything from fast food meals and video games to handbags and sneakers, Piper Sandler found, or an estimated overall total of roughly $66 billion. That’s up 9% from reported spending levels in the spring 2021 report, and up 4% from Piper Sandler’s fall survey. Reported annual spending by teens peaked at about $3,023, in the spring of 2006. 

Piper Sandler surveyed 7,100 teens from Feb. 16 to March 22. The average age of those surveyed was 16.2 and the average household income was $69,298. Thirty-nine percent of the teens surveyed were employed part-time, up from 38% last fall and 33% last spring.

Concerns about the economy on the rise

Though teen-spending levels have…

2022-04-06 04:00:02

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