The new generation of consumers are increasingly adopting a "buy less but better" philosophy, reports Elizabeth Holmes at The Wall Street Journal.
"A generation of consumers has grown up wearing what is often referred to as 'fast fashion' - trendy, inexpensive versions of runway looks that shoppers wear for one season, or one occasion, and often toss," Holmes writes. "Now, many of these shoppers are graduating to a philosophy of quality not quantity."
While Americans are spending more on clothes, the quantity has gone down since its peak in 2005, Holmes writes, citing the American Apparel and Footwear Association.
New brands like Everlane and Cuyana are capitalizing on this trend by selling higher-quality staple pieces, like silk button-down shirts and leather totes. These companies also tout their ethical manufacturing practices.
Apparel shopping is also becoming less important to young consumers, meaning that they could buy quality basics to save time on shopping.
For the first time in history, teens are spending as much on food as they are on clothing, according to the analysts at Piper Jaffray. This is fueled by trendy coffee drinks at Starbucks, the top food retailer among the demographic.
Piper Jaffray
This chart by Piper Jaffray shows that teens are spending as much on food as they are on clothing.
Many teens are also more concerned with having a new iPhone than a name-brand t-shirt, according to the survey.
Despite the apparent trend toward quality, Forever 21 has opened a store with even cheaper prices.
At F21 Red in California, prices start at just $1.80 for tank tops. Other shirts are sold for $3.80, and denim is just $7.80.
The new store is a whopping 18,000 square feet.