Teens have a new favorite purchase, and it's one they haven't had for a long time.
Clothing is the number one priority in teens' wallet share, according to a recent survey from investment banking company Piper Sandler.
From August 17 to September 16, Piper Sandler surveyed 10,000 US teens with an average age of 15.8 years. The company found that clothing made up 22% of teens' wallet share, overtaking food, which constituted 21% of wallet share. This is the first time clothing has come out on top for teens since the fall of 2014.
"Within apparel, athletic is still the dominant trend with Nike and lululemon taking new highs," Piper Sandler senior research analyst Erinn Murphy said in the press release. "Within footwear, while Nike reigns supreme, Converse and Crocs gained share whereas Vans slipped. Michael Kors took back its No. 1 ranking as a preferred handbag brand. Simultaneously, we are seeing a silhouette change with looser fitting denim, high-waisted mom jeans. We believe apparel replenishment will continue into 2022 as the consumer continues to replenish."
Here are some of teens' favorite clothing and footwear brands, according to the survey: