Female Teens Spending Less on everything - Media Consumption
Overall, the report notes that parent contribution to teen spending bounced back to the 65% of spend range, following a period of contraction. Teen unemployment remains elevated, but off of peak levels. Time priorities have shifted, showing that advanced placement courses are the norm. Year-round single sport/activities are more common, and school years are starting earlier and ending later (shortening the opportune summer employment period).
A quick snapshot of the survey results, including fashion, beauty and personal care, restaurants, digital media, gaming, and wireless communication includes the following:
- Teen males indicated they were spending more, which has
historically signaled inflection in broader spending
- For the first time in the survey history, food exceeded clothing as
a percentage of the teen spending. Electronics also gained in share, while
furniture and fashion lost modest share.
- Declines in the fashion category were most severe in accessories,
down double-digits for a second cycle in a row
- 17% of teens
expressed interest in an Apple iWatch, up 12% from Fall 2013, an indication of consumer appetite
- Instagram ranked as the most important social network, exceeding
Twitter and Facebook for the first time in survey history
- Cable subscriptions are becoming less essential for
teens at home, while
online streaming is more critical. Out of home, IMAX continues
growing share among teens
- Music/radio listenership has grown for Pandora and local radio,
largely at the cost of MP3s and CDs
Influences remain consistent, with friends dominating both upper income and average income. followed by the Internet, says the report. The Internet first displaced television as the No. 2 influencer with teens in the Fall 2010 survey, and the report indicates that this uptrend will likely continue as social networking and online shopping drive teens online. Instagram and Twitter are the two most used social media sites, as teens are increasingly visual and sound bite communicators.
Social
Network Utilization by Teens (% of Respondents) |
|||
|
%
of Respondents/Most Important |
||
Year |
Instagram |
Twitter |
Facebok |
Fall,
2012 |
12%
|
27%
|
42%
|
Spring,
2013 |
17
|
30
|
33
|
Fall,
2013 |
23
|
26
|
23
|
Spring,
2014 |
30
|
27
|
23
|
Source:
Piper Jaffray, April 2014 |
More complete information about individual categories is also included:
The teen food category represents restaurants and dining out. The study uncovered a modest increase in spending devoted to events (including concerts, festivals, etc.). Within the fashion category, clothing increased modestly at the expense of footwear and accessories. In addition, there has been a continuation of a lifestyle/participation-based trend in athletic fashion. These data points are evidence of a trend toward experiences versus items worn, and a notable shift in perceived status spending.
Key findings from the survey in fashion, beauty and personal care, restaurants, digital media, gaming, and wireless communication include the following:
- Within the fashion category, says the report, the
declines were most severe in the accessories classification, down
double-digits across genders and income classes for a second cycle in a
row. Spending on apparel stabilized at flat for upper income teens and
down 2% for average income teens. Spending on accessories declined 22%
among upper income and 26% among average income teens on a year over year
basis
- Shopping frequency has declined from a peak rate of 38
trips/year to 29 trips/year (one every 1.75 weeks). Fall 2013 appears to
have marked the low point at 28 trips. Mall traffic in the teen space has
declined 30% cumulatively in the last 10 years. Teens are browsing more
often via their mobile devices, shopping with purpose (conversion rates
are up), buying when they have a real or perceived need, and visiting the
mall less for entertainment value
- Teens prefer off-price
venues to traditional department stores for their fashion needs, and are
increasingly shopping online and on their phones. When asked about preferences
between shopping in store and online, about three-quarters of the females
polled prefer stores over sites, but the males are closer to a fifty-fifty
split. Moreover, when asked about preferences between pure play e-commerce
sites and sites associated with stores when shopping for clothing, only
14% of females and 24% of males prefer the pure play e-commerce sites
- Across both upper income and average income sub-sets,
the top five preferred clothing brands were consistent to the prior year
and prior season, but rank and share shifted slightly. In the upper income
group (teens that tend to be trend leaders), Action Sports Brands ceded
share as Forever 21 gained share. Within Action Sports Brands, teens
listed 29 unique lifestyle brands, evidence of extended boundaries around
the core lifestyle aesthetic into areas of streetwear, urban and
culturally inspired trends
The report concludes by noting that survey results point to four distinct fashion themes: stability in demand for Action Sports Brand; moderation in Fast Fashion preference among teen girls; cresting of the refined classic cycle, and evolving demand for fashion athletic brands. In addition to these trends, an increasingly active teen is catering to growing demand for performance athletic brands.
Comments
Post a Comment