Who's Schooling Millennial Retailers?
The teen retail sector is one of the most talked about categories among retail and fashion execs. Not a surprise when teens (often funded by their parents) spend an estimated $200 billion to $300 billion annually, with 40 percent of that going for fashion. Teens make up a large component of the 80 million-strong millennial demographic, which is expected to outspend baby boomers within the next five years. Ironically, this rich vein of consumer buying power is one of the toughest markets to crack successfully.