The biannual “Taking Stock of Teens,” report, which surveys over 7,000 teens showed what brands and retailers can expect from the next few months, from a surge in fast-fashion revenge shopping to crypto currency investments.
Fast-fashion brand Shein and makeup brand e.l.f. both saw increases in mindshare, with the Chinese company debuting in the top 10 list of teen’s favourite apparel brands and e.l.f. moving from up to the second spot below Tarte in favourite cosmetic brands.
High-income women are largely leading the trend in apparel spending as restrictions ease: wallet share for clothing reached its highest level since 2013 to 29 percent of all purchases.
Other notable shifts include an increase in the secondhand clothing and rental markets, as well as a gaming spending and cryptocurrency.