This report examines clothing items bought by, or for, youths aged between 13 and 19. Since 2008, consumer confidence has dipped because of worsening economic conditions. Subsequently, pocket money and disposable income for youths has been hit by two main factors.
Firstly, there is less money in the household purse, resulting in a squeeze on pocket money. Secondly, there are fewer job opportunities for youths, whether permanent jobs for school leavers or part-time jobs to boost finances while at school or university, due to growing unemployment generally.
This report examines clothing items bought by, or for, youths aged between 13 and 19. Since 2008, consumer confidence has dipped because of worsening economic conditions. Subsequently, pocket money and disposable income for youths has been hit by two main factors.
Firstly, there is less money in the household purse, resulting in a squeeze on pocket money. Secondly, there are fewer job opportunities for youths, whether permanent jobs for school leavers or part-time jobs to boost finances while at school or university, due to growing unemployment generally.
In 2008/09, sales of all clothing have been under pressure, yet there are bright spots among the retailers. In particular Primark, popular among teens, has had a year of heady growth, thanks to its up-to-the-minute fashions at rock-bottom prices and its commitment to expansion.
The performance of youth fashion is less closely linked to economic woes than for other consumers, as these younger consumers have fewer commitments and demands on their cash. They take a more carefree attitude to spending (see TGI data) and they still want to look their best.
But the “bank of mum and dad” is under pressure, and some parents are less inclined to lend the credit card for online shopping. So, this could lead to some youths turning back to high street shopping. However, at present it appears that online shopping is the segment that is doing best within retail and this does not look set to change, even if some youths choose high street shops.
Main themes
What will happen to online and high street spending on youth fashion in the economic downturn?
Will youths trade down to cheaper prices during the recession, or are they more likely to opt for better quality items that last longer?
What should youth fashion retailers do to ride out the recession?
How can retailers expand their appeal to teenage shoppers?
“The childrenswear market is profiting from the shift towards smaller and wealthier families. More women are delaying motherhood until their thirties, when they are financially secure and better positioned to splash out on their new arrivals. Affluent AB parents have an affinity for high quality children’s clothing, encouraging premiumisation within the market. Retailers with higher price points need
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Mintel’s research reveals that the young fashion boom is being subsidised by hotel parents. Fledglings, young women still based at home, are the biggest spenders on fashion and, despite economic pressures, continue to invest a lot in their clothes.
Try before you buy
Try before you buy
Being able to try before you buy is more important than ever, as many people are more selective and hesitant about what they spend their money on.