Survey: Michael Kors Still The Preferred Handbag Among Teens

Its popularity may be declining, but Michael Kors Holdings Ltd (NYSE: KORS) is still far and away the preferred handbag among teens.

Thirty percent of female respondents said that Michael Kors is their preferred handbag brand, according to Piper Jaffray's latest "Taking Stock With Teens" survey.    

That figure is down from 36 percent when the survey was last conducted in the spring.

Tapestry Inc (NYSE: TPR)'s Kate Spade came in second, with 15 percent of respondents picking it as their favorite handbag brand.

Kors recently acquired Italian luxury brand Versace for $2.12 billion and announced it would change its name to Capri Holdings. 

Tapestry-owned Coach was named the third-most popular brand, bagging 11 percent of the vote in the Piper Jaffray survey. 

A Luxury Trend 

Piper Jaffray says it is observing female spending rotate out of accessories and into personal care, after seeing the fashion accessories share of female wallets reach an all-time low of less than 5 percent. Overall, handbag spending declined 6 percent sequentially and 1 percent year-over-year, according to the sell-side firm. 

The popularity of European luxury brands popularity continues to grow with teens, with Louis Vuitton and Gucci landing with the fourth- and fifth-most popular handbag brands and mindshare, gaining 400 and 200 basis points, respectively, according to Piper Jaffray. 

"Gen Z clearly has shown an affinity for luxury products and logo products; their interest in these brands are driving good results,” Matt Powell of NPD Group told Benzinga earlier this year.

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Photo courtesy of See-ming Lee/Wikimedia. 

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