As the coronavirus blunts the global economic outlook, teens are curbing their spending.
According to Piper Sandler’s 39th semiannual Taking Stock With Teens survey, released today, teen’s annual self-reported spending has fallen to $2,300, a 13% drop year over year and the lowest amount since fall 2011. About half (47%) of teens said they feel the economy is worsening, up from 32% in the fall.
The survey, conducted from Feb. 17 through March 27, included results from about 5,200 teens who 16 years old on average, in 41 states. Some respondents took the survey while quarantined at home following school closures.
Wallet-weary teens have also begun spending less on footwear, with shoe budgets falling to an average of $284, a 5% year over year decline. There appears to be something of a gender divide when it comes to shoe spending, however, as male respondents indicated they spend an average of about $100 more yearly on footwear than their female counterparts.
Athletic brands continue to trend among Generation Zers, with Nike holding strong as the most-wanted label in both the apparel and footwear categories. The Swoosh’s share of the footwear category grew by 5% to 47%, with its slice of apparel rising 2% to 25%. Vans held steady at No. 2 in footwear with a 20% share. Meanwhile, Adidas landed the No. 3 spot in both shoe and apparel categories, with 11% and 5% shares, respectively.
Notably, Lululemon hit its new peak in the apparel category, climbing one spot to No. 6 from its previous high this fall. Crocs is also moving up: The clog maker landed the No. 12 spot, its highest-ever springtime placement and a seven spot rise from spring 2019.
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