Today’s teens have luxury taste in handbags

Parents will have to give their teens a hefty allowance if they’re going to keep up with their expensive handbag tastes.

High-end luxury brands topped the list of favorites in the Piper Jaffray 30th Semi-Annual Taking Stock with Teens Survey published on Wednesday.

The top five handbag brands chosen were: Michael Kors (31%)
Kate Spade (15%)
Coach (10%)
Louis Vuitton (6%)
and Vera Bradley (5%)

New arrivals on the Michael Kors website include a $1,290 leather tote, although it also shows many bags approaching a $300 price tag. The Collins Stud Medium Leather Satchel is priced at $398.

Piper Jaffray surveyed 9,400 teens across 46 U.S. states with an average age of 16 and average household income of $68,000. Fifty-six percent of the respondents were male, and 46% were female.

The survey “highlights spending trends and brand preferences,” according to a statement. Despite these preferences, accessories spending among teen girls decelerated 4% year-over-year, according to Piper Jaffray, and there has been a decline in intent to purchase handbags.

The findings show some similarities with a J.P. Morgan survey published in August. It found that adult women share some of the same brand preferences in handbags (Coach, Michael Kors, and Kate Spade were also mentioned), but considered some of these brands, Coach, for instance, “overpriced.”

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See also: Women like Coach handbags, but they don’t want to pay for them

Nike Inc.
was the number one choice in clothing brand at 27% of those surveyed, followed by fast-fashion retailer Forever 21 (7%), American Eagle Outfitters (6%)
Ralph Lauren (5%)
and Urban Outfitters (3%)
Nike also topped the list of top footwear brands with 50% of those surveyed and was second choice for the top shopping website with 8%. Inc.
topped that list at 38%.

See also: Yoga pants make their way to New York Fashion Week

Among other findings, Starbucks Corp.
was the top restaurant, followed by Chipotle
Chick-fil-A, McDonald’s
 and Panera Bread
 And teens spend more time watching television on Netflix (38%)
 than traditional cable TV (29%). Respondents also said YouTube (21%) and Hulu (4%) were popular viewing choices.

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Articles in category: moneyist

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