Vans continues to gain popularity among teenagers, becoming the demographic’s fastest-growing footwear brand, according to a Piper Jaffray study.
The investment banking firm today released its semiannual “Taking Stock With Teens” survey, finding that the iconic skate lifestyle brand not only is consistently the No. 2 footwear choice among teenagers (second only to Nike) but also hit an all-time high among upper-income female teens. (The survey included results from about 8,600 teens averaging 16 years old across 48 states in the country.)
Vans has time and again served as VF Corp.’s hero brand, which reported this month that third-quarter sales advanced 15 percent to $3.9 billion, driven by a 27 percent gain at the Costa Mesa, Calif.-headquartered company. (The firm is also parent to The North Face, Timberland and Reef.)
Last month, Vans chairman, president and CEO Steve Rendle announced plans to boost revenues to $5 billion, from $2 billion, by fiscal year 2023, expecting the bulk of sales to come from a direct-to-consumer business model.
Other key findings from the study include
SPRING 2018 KEY FINDINGS
Overall Spending Behaviour
Overall spending is down -5% vs. Spring 2018, but up 1% from a year ago.
Food continues to be teen's No. 1 priority - remains around 24% peak.
Shift in male wallet allocation towards video games (new survey peak) still ongoing.
Seeing rotation of female spending out of fashion accessories and into personal care.
Preference for online over department stores and legacy formats continues.
Digital video game downloads higher - now 59% vs. 55% in Spring and 37% Fall 2015.
Streetwear and 1990s themes building - Vans reached a new peak, while Supreme, Champion and TH/CK increase.
Nike declines ongoing, but solidifying upper-income trends could indicate bottoming.
Intent to buy iPhone at new high; 86% of Generation Z will choose iPhone next (84% last Spring).
Instagram now top social platform for teens (edges above Snapchat); FB still declining.
Read more about Vans hot streak!
Vans Is Having a Hot Streak — and the Proof Is in the Sales
How Vans Plans to Hit $5 Billion in Revenue by 2023