Photo: Via Business Insider
Okay, we're going to to announce something groundbreaking: Young women like to shop. There, we said it. We're guilty of overspending. It's a little trend that marketers and businesses everywhere have picked up on, and now millenials are the hottest demographic around. To get a handle on just how much power they have, and where they're spending, Teen Vogue and Goldman Sachs teamed up to produce the "Teen Vogue-Goldman Sachs Brand Affinity Index."
According to Goldman's analyst Lindsay Drucker Mann, millenials are expected to increase their spending by as much as 25% over the next five years. But, they'll be doing so with less reliance on credit cards and less income than previous generations, which means they'll become extremely picky — known to financial insiders as "discriminating shoppers." So, to find out just where that money is going to go, the study surveyed 1,200 "Teen Vogue It Girls" to discover their favorite brands, asking them to rank fashion, beauty, and lifestyle companies on things like awareness and favorability.
The results were, well, not that surprising. The top spot went to none other than Forever 21, proving that as much fun as designer duds can be, nothing beats a good deal. Following close behind are Victoria's Secret, PINK by Victoria's Secret, Sephora, and H&M respectively. Some more surprising rankings come from Eos, the beauty company, which clocked in at #12, and the pricier Chanel and Louis Vuitton both beating out Essie. All in all, we think it's safe to say that millenials are pretty predictable when it comes to stocking up on goods, but we were rather sad to see that R29 favorite Zara didn't make the cut. Check out the entire ranking ahead. (Business Insider)