WHAT'S INSIDE THE TABLES? INDEX. Financial & Spending Tracker... Shopping Online & Offline... Fashion Trends... CLICK HERE TO DOWNLOAD FULL DATA FILE
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1 WHAT'S INSIDE THE TABLES? INDEX Financial & Spending Tracker... Shopping Online & Offline... Fashion Trends... F145-F155 C400-C475 C495-C500 CLICK HERE TO DOWNLOAD FULL DATA FILE Topline Findings FINANCIAL & SPENDING TRACKER: Roughly eight in ten -year-olds are currently employed: about six in ten have a full time job, and three in ten hold a part time job. Of those employed Millennials, the average monthly take home pay is about $3,600 however, males report a significantly higher average take home pay than females. Eight in ten -year-olds have savings, with an average savings of around $12,500. But over six in ten of that age group also report having debt, with an average of about $48,000. SHOPPING ONLINE & OFFLINE: Though young consumers online shopping habits have rocked retail, when buying clothing almost eight in ten say that they would rather shop in a physical store. The majority also prefer to shop in a store that offers a variety of styles, and over half would rather buy a few more expensive items than a lot of less expensive lower quality clothing. The majority of year-olds say they don t care about what brand their clothing is, and that they are not loyal to fashion brands. They re also employing some discount shopping savvy: over six in ten say they never pay full price for clothing, and seven in ten say they usually have a budget when they shop for clothing. Ypulse research conducted 12/31/2015 1/0/2016 among 1000 Millennials ages FASHION TRENDS: The majority of young consumers say they dress in their own unique style and that they do not care about fashion trends or shop to keep up with trends teens are even more likely than older Millennials to agree that they don t follow fashion trends and have their own personal style. Almost seven in ten year-olds also say they haven t been interested in any of the latest fashion trends. Comfort is the top priority in what they wear for eight out of ten. Males, females, teens, and older Millennials would all describe their personal style as casual and comfortable above all else.
2 Financial & Spending Tracker Job Status -YR-OLDS -YR-OLDS 8% HAVE A FULL TIME JOB 20% 9% HAVE A PART TIME JOB 5% UNEMPLOYED, BUT HAD A 57% 26% 64% 11% JOB WITHIN THE PAST YEAR UNEMPLOYED, AND DID NOT HAVE A JOB WITHIN THE PAST YEAR Average Monthly Take Home Pay $4,535 $2,244 yr-olds yr-olds $754 $3,622 Who Has Who Has Savings Debt 80% 80% 77% 75% 4% 47% 51% MALE FEMALE MALE FEMALE $12,557 $2,432 $13,012 $8,128 $48,187 $11,823 $50,431 $44,805
3 Shopping Online & Offline yr-olds would... 77% 88% 55% rather shop for clothes in a physical store than online rather shop in a store that has a variety of clothing styles than just one rather buy fewer more expensive, higher quality clothes than a lot of less expensive, lower quality clothes The Savvy Shoppers "I shop for versatile clothing I can wear on a lot of occasions" 87% 82% 92% "I usually have a budget when I shop for clothing/accessories" 70% yr-olds... don't care about what brand a clothing item is, as long as they like it 79% [] [] 64% [] [] 53% 53% 67% '"I have been buying less clothing lately than I used to" 88% "I only go shopping when I need something specific" like to buy things from smaller, less known brands 44% 64% are not loyal to one or two fashion brands 66% 77% "I never pay full price for clothing" Brand Angnostics 83% 65% 48% [] [] 70% 54% of year-olds say they don't like wearing clothing items with logos on them 57% 76% [] [] 52% 70% 55%
4 FASHION TRENDS 73% 79% 56% care about what they wear 65% 47% 81% of year-olds say like to dress in their own, unique style 81% 71% 83% are confident in how they dress 89% 82% say comfort is their number one priority in what they wear 84% 81% - 78% don't care about fashion trends, they wear what they want 63% say style is not their number one priority in what they wer 54% 66% 74% 72% 69% 66% don't go shopping to keep with fashion trends say it's not important for them to keep up with latest trends 75% 63% 74% don't follow trends, and have their own personal style 76% 67% haven't been interested in any of the latest fashion trends 60% How They Describe Their Personal Style Male 1. Casual 2. Comfortable 3. Normal 4. Athletic 5. Basic & Cool Female 1. Comfortable 2. Casual 3. Basic 4. Normal 5. Unique & Trendy -Yr-Olds 1. Comfortable 2. Casual 3. Normal 4. Athletic 5. Cool -Yr-Olds 1. Casual 2. Comfortable 3. Normal 4. Basic 5. Athletic 73%
5 Brand Takeaways Millennials and teens are savvy retail shoppers they ve been trained by constant discounts to never pay full price. They re applying a budget to their clothing shopping, or buying less than they used to. Retailers need to convince them that their purchase is worth it, versatile, and high quality. Sorry fashion brands, loyalty is nearly impossible to achieve with younger shoppers. They re looking at looks over labels, and the majority don t want to show off logos. In other words, brand cachet will only get you so far. Trends are not bringing young consumers into stores. Whether it s 100% true or not, they believe they are not interested in following fashion trends and prioritize having their own unique look. Counting on trends to up sales might not be wise, and messaging should emphasize their personal style over uniform dressing.
6 Full Survey Question List Data includes banner points on: Gender: Male Female Age: Under and Over Under and Over Age Groups: Academic Status: High School/ Middle School College Not in School Race: Caucasian/White African American/Black Hispanic Non-Hispanic Asian Other Region: Midwest Northeast South West Parent: Yes No CLICK HERE TO DOWNLOAD FULL DATA FILE TV
7 TV
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