While athleisure has been popular across demographic groups, the survey suggests a shift in both fashion favor and brands among teens.
Overall, only a third of teens say their favorite apparel brands are in the athletic category, down from more than 40 percent in the spring. Piper Jaffray sees the trends moving towards "street, denim and festival wear." Festival wear takes its fashion cues from Coachella and other events.
Nike is still the No. 1 preferred apparel brand for teens, but it has lost share, falling from 29 percent of teens ranking it as their favorite to 23 percent. Adidas and American Eagle Outfitters have picked up most of the share Nike has lost. Adidas has doubled its mindshare and is now the No. 3 preferred brand, particularly popular with the guys. American Eagle holds on to the No. 2 spot but with a higher share this year than last.
Street brand Supreme, which just locked in a reported $500 million minority stake from private equity firm Carlyle Group, cracks into the top 10 preferred apparel brands for the first time, led by the male cohort.
For average-income teens, Vans hits the top 10 apparel brand preference for the first time, led largely by the males.
Tommy Hilfiger cracked the top 20 for the first time for males.
Under Armour is again the No. 1 brand males classify as an "old brand" that they no longer wear. Piper Jaffray notes among upper-income females, Under Armour got only one vote as the preferred apparel brand.
As a result, Piper Jaffray analyst Erinn Murphy is lowering earnings estimates and her price target for shares of Under Armour.
Ralph Lauren is quickly falling out of favor with all teens, dropping out of the top 10 for upper-income teens and falling to No. 8 from No. 4 for average-income teens.