How teens are spending money, what they like, and where they shop
Piper Jaffray released its semiannual report on teen spending on Monday.
We dug through the report and pulled out some of the most interesting facts and charts.
Here's a summary:
1. Teens are spending most of their money on food.
Over the last several years, teens have been spending a greater share of their money on food, and less on clothing.
Food now accounts for 24% of teen spending, followed by clothing (19%), cars (9%), accessories and cosmetics (9%), shoes (8%), video games (8%), and electronics (7%), according to the survey. The rest is spent on music, movie, and events.
Here's how teen spending between food and clothing has changed over the years.
2. Chick-fil-A is now upper-income teens' favorite restaurant.
Starbucks has won the No. 1 spot among these teens in almost every Piper Jaffray survey for the last seven years. But this year, Chick-fil-A is moving up the ranks and taking the top spot away from Starbucks, which recently reported declining traffic due to long lines and delays from bottlenecks of mobile orders.
Starbucks is now in second place, followed by Chipotle, Buffalo Wild Wings, and Panera.
3. Teens’ favorite website is Amazon, with 43% share of the market, compared to the No. 2 website, Nike, with 5% of the market.
4. Nike remains the top clothing brand among teens across all income levels.
American Eagle, Forever 21, Lululemon, Adidas, and H&M also rank among the most popular apparel brands. Top footwear brands include Nike, Vans, Adidas, Converse, and Steve Madden.
5. Under Armour and Aeropostale are losing ground among teen customers.
They rank No. 1 on the list of brands teens say they no longer wear. Gap, Justice, Hollister, and Adidas also appear on that list.
6. Adidas, however, is rapidly rising and gaining share among teens.
It held the No. 10 spot on the "favorite clothing brands" survey last year. This year, it's tied for the No. 5 spot. It also moved up one spot to No. 3 on the list of teens' favorite footwear brands.
7. Patagonia has also had a sudden rise in popularity and for the first time ranked among teens' top five athletic apparel brands.
8. Teens' favorite social media platform is Snapchat.
9. Teens are spending much more time watching Netflix than cable TV.
10. An increasing number of teens prefer to shop online over department stores.