Clothing and accessories accounted for 12 percent of all teen spending at retail over the summer
Victoria's Secret captured 7.2% of teen spending on clothing, 50% more than the next closest retailer
Sephora and Ulta Beauty together accounted for 65% of teen spending on cosmetics
Current released a snapshot of U.S. teen spending on cosmetics and clothing over the Summer. Spending on clothing accounted for 12 percent of all teen spending from July 1 to August 26, and cosmetics accounted for 2 percent of all spending. The figures represent aggregate spending of all Current debit card customers aged 13 to 16-years-old. Current provides a debit card and companion smartphone app for teens (and parents) that makes managing money easier for families.
The top 15 clothing retailers accounted for just under half of all spending, with Victoria's Secret American Eagle, Urban Outfitters and H&M leading a broad mix of brands.
Victoria's Secret 7.2%
American Eagle 4.8%
Urban Outfitters 4.2%
Brandy Melville 3.4%
Forever 21 3.2%
Sephora led cosmetics retailers capturing 34.3 percent of category spending by teens, followed closely by Ulta Beauty with 31.1 percent. Along with Lush (8.6 percent) and Sally Beauty (4.8 percent), four retailers accounted for nearly 80 percent of teen summer spending on cosmetics.
Ulta Beauty 31.1%
Sally Beauty 4.8%
The Current solution includes a Visa-branded debit card and companion smartphone app. The app, available on iOS and Android, allows teens to track their balance, share money with friends, and encourages saving and charitable donations. Parents also get a smartphone app that allows them to transfer money, automate allowances, set-up and reward chores, put controls in place, and maintain visibility into spending with real-time alerts.