Teens are spending less, but when they do spend it's most likely to be with Amazon (NASDAQ:AMZN), thanks to increased household penetration of Amazon Prime.
A whopping 41 percent of teens say Amazon is their top shopping website, according to Piper Jaffray Companies' 31st semi-annual "Taking Stock With Teens" survey.
|See the full infographic here|
Nike and Forever 21 tied for a very distant second place with just 5 percent of teen shoppers. American Eagle, Victoria's Secret and eBay were favored by 3 percent of teen shoppers.
Why Amazon? Amazon Prime adoption has increased across all income brackets in each of the past five surveys. Amazon Prime is now in 51 percent of teen households and cumulative survey results suggest that Prime now boasts 57 to 61 million U.S. households, according to Piper Jaffray.
Overall teen spending is down this spring compared to 2015, but the percentage of wallet spent on key categories – clothing, accessories and footwear – actually increased to 38 percent among upper-income teens versus 36 percent last year.
Spending on denim brands and fashion athletic apparel (athleisure)also increased within this demographic.
The beauty category took 10 percent of wallet share among upper-income females, the highest value in 10 years, according to the survey. Specialty store formats continue to outpace legacy channels for beauty, as evidenced by the accelerated growth of Ulta Beauty and Sephora.
- see this Piper Jaffray report
Amazon Prime Now to expand to desktop
Amazon Prime now offered for monthly fee
Postmates takes on Amazon Prime