Teens spend $2600.00 a year on food and clothes. Luluemon, Amazon, and Ulta are the favorites for shopping and Chipotle and Chick-fil-A are favored places to eat. 8,000 teenagers were asked where they shop and like to eat and these were the favored places. The average age was 16 and 54 percent male and 46 percent female.
They are often referred to as the Gen Z consumers and the retail industry is interested in their shopping habits. They have over $75 billion in spending power over a year. A quarter of the US population is under 20 and the retail industry needs to keep up with the spending habits to stay ahead of the game.
83% of teens have an iPhone, meaning many of them are shopping straight from a mobile device. Males are spending more money on food, while females are spending on clothing. And half the group said Amazon, not Walmart, Macy’s or Target, was their favorite website for shopping. Not a big surprise about male spending or female spending habits for that matter. The favorite brand still remains Nike, with American Eagle, Adidas, Urban Outfitters, Hollister, Forever 21, Victoria Secret, and Luluemon. This is the generation that was practically born with an I Phone in their hand. They care about social issues and political causes. They will be a powerful generation and one to be reckoned with.
Eurostar Diamond Traders one of the largest names in Antwerp diamond industry has filed for bankruptcy following a legal battle with its banks. Eurostar will appeal the decision.
David Harvey Jewelers in Connecticut filed for bankruptcy. David Harvey Jewelers goes back four generations. This was described as protective action, because of one creditor. That creditor has not been named.
Barney’s in New York has been asked to downsize the flagship store in Manhattan. They have been asked to give up five of its nine floors. Barney’s is just the latest in a long line of retailers closing up shop or downsizing due to skyrocketing rent and change in customer shopping habits.
Lord & Taylor has already closed its flagship store on Fifth Avenue and this was followed with Tommy Hillfiger closing his store a well.
Calvin Klein will close it’s 18,000 square foot flagship store on Fifth Avenue within the next few weeks.
None of this is surprising considering the fact that it is not the fault of e-commerce but the store itself.
Courtesy Retail Dive