Photograph: Rob Kruyt/BIV
A Piper Sandler survey of US youngsters had excellent news for Vancouver athletic clothes retailer Lululemon, as the corporate ranked as that demographic’s second favourite clothes model.
The funding financial institution upgraded Lululemon’s shares (Nasdaq:LULU) to chubby from impartial partially due to its survey.
Nike was overwhelmingly youngsters’ favourite attire alternative, with 31 per cent of 14,500 surveyed teenagers choosing that model.
Lululemon and American Eagle every tied for second place, with six per cent of teenagers surveyed naming these manufacturers. Tied for fourth spot was H&M and SHEIN.
Youngsters additionally gave excessive marks to Lululemon’s e-commerce web site.
Whereas e-commerce juggernaut Amazon.com was unsurprisingly youngsters’ favourite on-line retailer, the following favourite e-commerce web sites, so as, have been SHEIN, Nike and Lululemon.
The typical age of these surveyed was 15.8, with 52 per cent being boys, 46 per cent being women and two per cent being non-binary.
Interesting to youngsters is vital for manufacturers as a result of it bodes nicely for potential future gross sales. As youngsters age, and turn into extra prosperous, they’re higher capable of spend extra at companies that they’ve an affinity for. Solely 39 per cent of surveyed youngsters had a part-time job.
Lululemon CEO Calvin McDonald on a Sept. 1 convention name mentioned his firm’s customer-acquisition technique.
“The technique is, clearly, deliver them in – new company – migrate them up, and broaden and enhance the share of pockets,” he stated.
McDonald’s has additionally been making an attempt to broaden his firm’s buyer base by interesting to males.
One initiative, for instance, was to have Lululemon launch what he referred to as a “digital flagship retailer” on JD.com, a well-liked on-line retailer in China.
“JD’s buyer base skews extra closely in direction of males, and represents a compelling new visitor acquisition software for us as we proceed to develop our model within the area,” McDonald stated.
Lululemon has traditionally time to attraction to youthful and middle-aged ladies.
Former Lululemon CEO Christine Day, in 2009, instructed BIV in an unique interview that the corporate’s goal demographic was ladies aged round 32 years who have been wholesome and energetic.
“We all know that after we construct and design our shops towards her and round her that the model is engaging to the core buyer who’s barely older and a bit extra prosperous, however who needs to be that 32-year-old,” Day stated .