Piper Sandler’s 50th semi-annual Taking Stock with Teens Survey found that Lululemon and Vans are continuing to lose favor, but the majority of athletic brands, including Adidas, New Balance, On, and Asics, are increasing in popularity with teens. Nike’s erosion in teen preference has stabilized, according to Piper Sandler’s report, while upstarts including Alo Yoga, Gymshark and Vineyard Vines are building teen followers.
Among other brands, Birkenstock saw a major gain in mind share among male and female teens, while Ugg also gained favor among female teens. Hoka and Crocs had a mixed showing.
Piper Sandler’s Fall survey also showed that the trend shift toward athletic styling has not waned, with no signs of slowing down.
Athletic as a category (defined as leggings/Lululemon, hoodies, and athletic wear for female teens and as athletic wear, hoodies, Nike/Jordans, and sweatpants for male teens) was preferred by 45 percent of female teens versus 38 percent in the Fall 2024 survey for female teens and by 51 percent from 45 percent last Fall for male teens. Piper Sandler analyst Anna Andreeva said in the report that the finding “suggests the athletic cycle is still robust.”
On the downside, self-reported back-to-school (BTS) spending declined 6 percent year-over-year (y/y) versus last Fall, with more teens favoring off-price retailers and other value channels as favorite shopping destinations than in past years.
However, apparel grew its wallet share among upper-income teens, a cohort that tends to set youth trends, by 1 point year-over-year, driven by females, while footwear share held steady after both posted declines in Piper Sandler’s Spring 2025 survey. The decline in BTS spend was attributed to reduced food purchases.
Anna Andreeva, managing director of Equity Research at Piper Sandler, saw the gains in apparel as “indicating that upper-income teens are allocating more towards purchasing fashion goods.”
Preferred Footwear – All Teens
Preferred Athletic Footwear Brand – Upper-Income Female Teen
Preferred Athletic Footwear Brand – Upper-Income Male Teen
In footwear, Nike held the No.1 spot as the preferred footwear brand for all teens, with mindshare starting to stabilize sequentially (in the Spring, the brand lost 8 points of share year-over-year). With the male customer, Nike has remained stable, driven by the upper-income bracket, where share grew sequentially for the first time since Fall 2022, while share among girls is still declining.
Adidas has maintained its No. 2 spot behind Nike for four consecutive surveys, further growing its mind share this Fall across both genders and higher- and average-income cohorts, gaining especially with female teens. Piper Sandler said Adidas “has done a good job infusing more fashion into the Terrace franchises, at a compelling value prop.”
New Balance moved up to No. 3 among all teens, the highest rank and mind share (8 percent) for the brand in at least 10 years. The gains are being driven by the average-income cohort, as the upper-income cohort remained similar versus Fall 2024, with mind share eroding slightly with females. Piper Sandler speculated that “there could be some fatigue” after mind share among the upper-income group more than tripled over the last two years.
Ugg retained its Top 5 spot compared to last Fall 2024, gaining slightly more mind share (1 point to 4 percent), although down versus Piper Sandler’s Spring 2025 survey. With upper-income females, Ugg moved up two spots and doubled its mind share, albeit down sequentially versus Spring.
Birkenstock had similar mind share among all teens at 4 percent, ranking No. 5 and No. 6, respectively, catching up to Ugg and doubling its mind share versus last year. Birkenstock is now a Top 5 favorite footwear brand among male teens, with a higher ranking than among female teens, which began to move up just this past Spring.
As the favorite footwear brand, On Running’s rank moved up one spot compared to last Fall and kept its ranking sequentially, although the brand is moving up more with the average-income teen (for males, up three spots versus last Fall to No.5).
On also observed greater gains among upper-income teens, driven by greater interest among male teens. On maintained its No. 6 spot with female teens for the past four surveys. As a favorite athletic footwear brand among upper-income teens, On overtook Hoka for the first time in the past six surveys, especially among female teens, where it is now the No. 2 brand after Nike. Piper Sandler said On’s gains among younger teens reflect the payoff from partnerships with actress Zendaya and Nigerian singer Burna Boy.
For upper-income teens, Hoka moved down to the No. 5 favorite athletic brand while maintaining mind share, with a slight decline among female teens and a larger decline among male teens (a 4-point decline in rank this Fall, with subsequent mind-share erosion). Among average-income teens, Hoka maintained its rank with both genders and saw slight growth in mind share.
For all teens, Crocs, as a favorite footwear brand, moved down one spot to No. 9 from No. 8 last Fall, but maintained its rank compared to Spring; however, for the upper-income female teen, the brand is back on the Top 10 list, for the first time since Spring 2024, while for the upper-income male teen, Crocs ranking continues to erode.
Vans kept its No. 8 ranking sequentially but continues to move down y/y, with declines in both male and female teens. Upper-income male teens saw an especially sharp drop to No. 10 this Fall and Spring, down from No. 3 or 4 in the 2017 to 2024 period. The brand fell out of the Top 10 for upper-income female teens.
In other footwear brands, Asics made its first appearance on the Top 10 list as a favorite footwear brand for male teens at No. 6, with gains among both higher- and average-income teens. The brand did not make the Top 10 list for females, although it is moving up among upper-income female teens. Among upper-income teens, Brooks fell to No. 7 this Fall after holding the No. 6 spot for the last five surveys, driven by a decline among males.
Top Teen Preferred Apparel Brands All Teens
In apparel, Nike’s mind share among all teens held roughly the same sequentially, while Hollister’s momentum continues, with the brand gaining mind share for the sixth consecutive survey, with gains in both genders.
Among the upper-income cohort, Lululemon lost share again in both genders, dropping to No. 5 from No. 3 in the previous two surveys and to No. 1 from the Fall 2021 through Spring 2024 surveys. Piper Sandler noted that this aligns with Lululemon’s management’s comments on “fatigue within the high value consumer.”
Nike, Shein, and H&M also lost appeal among upper-income teens. Brandy Melville, American Eagle, Garage, and Free People are among the brands gaining mindshare in apparel with upper-income females
Top Ten Fashion Trends – Upper-Income Female
Leggings/Lululemon returned to lead female teen fashion trends in the survey, cited as a top trend by 26 percent of upper-income teen girls, followed by Uggs (12 percent), hoodies (12 percent), crop tops (8 percent), and Stanley cups and tumblers (also 8 percent).
Uggs had replaced leggings as the top upper-income female teen trend in Piper Sandler’s Spring 2025 survey, with leggings having been a top trend for several seasons. Stanley cups have lost favor among upper-income teenage girls, according to recent surveys. Jeans, leggings’ top competitor, have fallen out of the Top 10 fashion trend list.
Top Ten Fashion Trends – Upper-Income Male
For the upper-income teen male, baggy pants replaced athletic wear as the No. 1 trend versus Fall 2024, with streetwear as the Top 3 category for the third consecutive survey. Nike/Jordans was cited as the top fashion trend by 9 percent of upper-income teen males, down from 13 percent a year ago. Nike/Jordans led fashion trends in the cohort at 23 percent share in the fall 2023 survey.
Brands Gaining Heat by Upper-Income Teens
Among upper-income females, Alo Yoga continues to gain in appeal, moving up to the No. 6 spot this Fall among brands being worn, up 12 spots from last Fall. Hollister claimed the No. 1 spot in the cohort, growing by 5 spots y/y. Brandy Melville, Garage and PacSun also gained appeal as new brands. Among notable brands fading among upper-income females, Lululemon fell 6 spots y/y to No. 8 as a new brand among upper-income females. White Fox Boutique and Shein also lost ground.
Among upper-income males, American Eagle continued to gain momentum as a new brand for teens, breaking into the Top 10 at No. 7, up from No. 14 last Fall. Birkenstock had a big jump to No. 14 this Fall versus No. 31 last Fall. GymShark also moved up significantly among upper-income males, breaking into the Top 20 at No. 16, up from No. 23 last Fall. Puma saw growing interest from teens, breaking into the Top 20 at No. 15, up from No. 37 last Fall. Fabletics moved to No. 12, up three spots y/y, and Vineyard Vines improved to No. 19, up 23 spots. Carhartt, White Fox Boutique and Shein were among the brands fading with upper-income male teens.
Piper Sandler’s 50th Semi-Annual Taking Stock with Teens survey, conducted in partnership with DECA, is based on a survey of 10,969 teens with an average age of 15.7 years. The survey was conducted from August 8 to September 22, 2025.
Image courtesy Adidas
