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Piper Jaffray Completes Ninth Bi-Annual 'Taking Stock With Teens'
National Study of Generation Y Shopping Behavior and Brand Preferences
MINNEAPOLIS, April 8 /PRNewswire-FirstCall/ -- Piper Jaffray & Co. Senior
Retail Analyst Jeff Klinefelter and a collaborative team of other senior
research analysts recently released the results of the ninth bi-annual
proprietary research survey on teen spending habits and retail brand
perception, titled "Taking Stock With Teens." Klinefelter and team conducted
mall research field trips with approximately 600 teens from 11 high schools in
eight states across the country and one province of Canada. Additionally, the
team surveyed another 1,400 students in 47 states and Canada through an online
survey. Overall, the survey shows that total fashion spending remained flat
year-over-year.
"Our 'discretionary spending recovery' thesis remains intact as our new
supplemental online survey points to significantly higher spending on fashion
products for an average household income of $72,000 sample, versus $44,000
sample," said Klinefelter. "Additionally, current spending trends on
fashion-related products remains on par with strong performance during Spring
2004, however frequency characteristics point to acceleration as we move
through 2005."
Brand Preferences Survey Results:
Klinefelter and team surveyed teens on their favorite places to shop as well as
their spending habits. Based on their responses, Hollister, a concept of
Abercrombie & Fitch (ANF, Outperform, $58.79) took the top spot as the most
frequent overall destination capturing 12 percent of mind share votes, followed
by Abercrombie & Fitch with 10 percent mind share after leading the ranking for
seven surveys in a row. In third place is Pacific Sunwear of California (PSUN,
Outperform, $26.74), followed by American Eagle (AEOS, Outperform, $29.77) in
fourth place and d.e.m.o, a concept of Pacific Sunwear, in fifth.
"Overall, mind share in terms of preferred brands seems to be coalescing at the
top, continuing a trends we first saw in the fall 2004 survey," said
Klinefelter. "This spring, the top three choices garnered 32 percent of the
votes, compared to 33 percent in the fall 2004 survey and 25 percent last
spring."
The students were also surveyed on video game products and other consumer
electronics. Results of the survey point out that video games remain a leading
form of entertainment with 76 percent of student households having at least one
video game platform and 49 percent of students stating that they are occasional
game players (playing at least monthly). In addition, 51 percent of student
households own Sony's PS2, 32 percent own Microsoft's Xbox, 18 percent own
Nintendo's GameCube and 34 percent own a GameBoy System (38 percent own two
consoles).
In addition to video game products, the students were surveyed about portable
digital audio players. The survey results show an accelerating interest among
teens for digital audio players. Of the students surveyed, 41 percent
indicated that they own a portable digital audio player and those expecting to
purchase one went from 46 percent in fall 2004 to 59 percent in the spring 2005
survey. Apple's (AAPL, Outperform, $43.56) iPod ownership among high school
students has risen materially. In the fall 2004 survey, 40 percent owned an
iPod, while in this spring's survey, 56 percent own an iPod.
Gen Y - Teen and Parent Spending Remains Steady
Total spending on fashion products (apparel, shoes and accessories) for teens
by parents appears to be holding steady when compared with fall 2004 and
ticking up slightly when looking at parents spending on apparel themselves.
Parents indicated in the survey that annual spending on teen apparel came in at
$1,131, versus $1,133 in fall 2004. When spending on themselves, parent
spending ticked up seven percent to $1,398 from $1,309 in fall 2004. Overall,
41 percent of parents surveyed indicated that they had spent more on apparel
for their teens this year, versus last year and only 11 percent said that they
had spent less on apparel for their teens this year, versus last year. Also 23
percent of the parents surveyed said that they had spent more on themselves
this year than last year and only 20 percent spent less on themselves this
year.
Piper Jaffray & Co. is the chief operating subsidiary of Piper Jaffray
Companies (NYSE:PJC), a focused securities firm dedicated to delivering
superior financial advice, investment products and transaction execution within
selected sectors of the financial services marketplace. The company operates
through two primary revenue-generating segments: Capital Markets and Private
Client Services. Piper Jaffray & Co. has served corporations, government and
non-profit entities, institutional investors and the financial advisory needs
of private individuals since 1895. Headquartered in Minneapolis, Piper Jaffray
has approximately 3,000 employees in 104 offices in 23 states across the
country and in London. For more information about Piper Jaffray, visit us
online at http://www.piperjaffray.com/.
Since 1895. Member SIPC and NYSE.
(C) 2005 Piper Jaffray & Co., 800 Nicollet Mall, Suite 800, Minneapolis,
Minnesota 55402-7020
Research Disclosures
Piper Jaffray was making a market in the securities of American Eagle
Outfitters, Inc. at the time this research report was published. Piper Jaffray
will buy and sell American Eagle Outfitters, Inc. securities on a principal
basis.
Piper Jaffray was making a market in the securities of Abercrombie & Fitch Co.
at the time this research report was published. Piper Jaffray will buy and
sell Abercrombie & Fitch Co. securities on a principal basis.
Piper Jaffray was making a market in the securities of Pacific Sunwear of
California, Inc. at the time this research report was published. Piper Jaffray
will buy and sell Pacific Sunwear of California, Inc. securities on a principal
basis. Piper Jaffray has received compensation for non-investment banking
securities-related services from Pacific Sunwear of California, Inc. within the
past 12 months.
Piper Jaffray was making a market in the securities of Apple Computer, Inc. at
the time this research report was published. Piper Jaffray will buy and sell
Apple Computer, Inc. securities on a principal basis. Piper Jaffray has
received compensation for non-investment banking securities-related services
from Apple Computer, Inc. within the past 12 months.
This material regarding the subject company is based on data obtained from
sources we deem to be reliable; it is not guaranteed as to accuracy and does
not purport to be complete. This information is not intended to be used as the
primary basis of investment decisions. Because of individual client
requirements, it should not be construed as advice designed to meet the
particular investment needs of any investor. It is not a representation by us
or an offer or the solicitation of an offer to sell or buy any security.
Further, a security described in this release may not be eligible for
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DATASOURCE: Piper Jaffray & Co.
CONTACT: Susan Beatty, Media Relations of Piper Jaffray,
+1-612-303-5680
Web site: http://www.piperjaffray.com/