Refined classic brands, like Ralph Lauren and Vineyards Vines, currently command a record low in the teen market, according to investment bank and asset management firm Piper Jaffray.
Since 2001, these refined classic brands have had an average of 14% market share. Now they have just 5%.
Ralph Lauren is taking one of the biggest hits, according to the report. They were in the top 10 brands for males since 2002, but lost their standing in 2018.
Filling the gap are streetwear brands like Adidas, Vans, and Supreme.
Bobby Calise, director of business development at youth insights firm Ypulse, told Business Insider that JCPenney and Macy's have high brand awareness among Gen Z, but they're more likely to shop at Forever 21, American Eagle, and other youth-centric fashion brands.
"The data is clear on one thing: neither brand is 'cool' in the eyes of Gen Z — and cool is a pretty important form of currency if you're in the business of selling clothes to teenagers," Calise said.
Goel said Gen Z perceives these stores like JCPenney, Sears, and KMart as lacking quality and a voice.
"When was the last time you bragged about shopping at JCPenney?" Goel said.
Gen Z prefers to order online from companies with strong digital branding, said Tiffany Zhong, CEO of youth marketing firm Zebra Intelligence. Many understand how to find manufacturers online, where they buy products directly for a lower cost.
"No one watches cable TV anymore," Goel said.
More than 60% of teens said they would rather watch 10 hours of YouTube videos than 10 hours of television, according to a 2017 survey of teens.
Gen Zers said in the survey that online videos are best for learning or laughing, while they prefer cable TV for "watching with family" or "keeping up with what's going on in the world."
Perhaps most revealing: A third of surveyed teens feel cable TV is best for "falling asleep."
In case you live under a rock and didn't hear, print media consumption is declining.
Gen Zers tend to prefer the convenience of opening their phones or e-readers to enjoy a book, Goel and Zhong said. This latest generation is not alone; nearly 70 million e-books were sold in 2010, compared to 266 million last year.
"I can pull out my online book at Starbucks, which beats Barnes and Noble," Goel said.
Unlike previous generations, Gen Zs have little nostalgia related to opening up a newspaper. They tend to get their news from social media instead, according to a study by Response Media reported by AdWeek.
"We can find everything online," Zhong told Business Insider. "And for free."
Almost 10% of millennials use Pandora. But just 6% of Gen Z said they use Pandora, according to a study by consulting firm Fluent.
Generation z prefers Apple Music, Spotify, and YouTube Red more than any other generation.
"Growing up during the global financial crisis, Gen Zers are realistic and mindful of financial issues and future career from a younger age," Hodgson told Business Insider.
Gen Zers are more likely to opt for trends that they can show off on social media, but not necessarily ones that are the most expensive.
The fashion trends that AwesomenessTV highlighted in their report were mostly ones that pop on social media — space buns, pins and t-shirts with political sentiments, and sparkly make-up.
As Business Insider's Mallory Schlossberg wrote in 2016, "Luxury items — the kind that you can 'wear forever' — do not serve as much of a purpose on social media."
I spent $2,000 for 7 nights in a 179-square-foot room on one of the world's largest cruise ships. Take a look inside my cabin.
Saudi Arabia wants China to help fund its struggling $500 billion Neom megaproject. Investors may not be too excited.
Colon cancer rates are rising in young people. If you have two symptoms you should get a colonoscopy, a GI oncologist says.
Audi to hike vehicle prices by up to 2% from June
Kotak Mahindra Bank shares tank 13%; mcap erodes by ₹37,721 crore post RBI action
Rupee falls 6 paise to 83.39 against US dollar in early trade
Next Story