As teenagers defy traditional spending trends, retailers again come out on the losing end.
Research firm Piper Jaffray’s most recent Taking Stock With Teens survey said teens are spending less on physical stuff than past generations. When teens do make purchases they tend to lean in favor of household name e-commerce retailers like Amazon.com, Bloomberg reports. The survey reveals that teens spend less even when their consumer confidence is up and teen unemployment is down, a finding that contradicts long-term trends.
When it comes to where teens like to buy things, more than 40% said Amazon is their favorite website. Nike came in second at 5%, showing a huge disparity in where teens shop. Instead of spending money on clothing, Piper Jaffray said teens prefer to spend money on experiences and food.
These findings solidify truths that the retail industry has already acknowledged: to survive the change in consumer shopping preferences, retailers must embrace omnichannel concepts to create an interconnected sales approach using physical stores, online stores and even mobile stores to establish a seamless shopping experience for customers.
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