One year later, “self-reported” spending fell 1% to $2,316. This poll has not shown a decline in spending since prior to the COVID-19 epidemic.
With a Y/Y increase of 13 points to 29% among female teens, e.l.f. Beauty, Inc. continues to be the leading cosmetics brand.
With 35% and 61% of the young population’s mindshare in clothes and footwear, respectively, NIKE, Inc. continues to be their top choice.
With a 16% share, Chick-fil-A, Inc. continues to be the highest ranked restaurant.
Now, with 9% of youth concerned about it, inflation is the second most common social issue.
Early indications from our study suggest that teen spending may be slowing down. Following the environment in terms of political and social issues, inflation attained the largest mindshare, according to senior research analyst Edward Yruma.
With NIKE, Inc., lululemon athletica inc., and American Eagle Outfitters Inc. ranking among the top teen clothing brands, men are driving the growth in spending. Overall, female expenditure was lower, with particular drops in shoes and clothes, but this was offset by strong spending on accessories.
With cosmetics leading at +33% Y/Y, the core beauty pocketbook (cosmetics, skincare, and scent) was valued at $324 per year. With a 67% loyalty membership, Sephora surpassed Ulta Beauty, Inc. to take the top spot as the most favoured place to shop for beauty products.
With 87% of teenagers owning one and 88% anticipating the iPhone to be their next mobile device, the iPhone remains the gadget of choice. TikTok, together with Snap Inc. and Instagram in second and third place, is now the preferred social media site among teenagers, having grown by 80 basis points since the spring of 2023.
9,193 teenagers with an average age of 15.7 years participate in the semi-annual Piper Sandler Taking Stock With Teens® survey, which collects feedback from participants. Surveys are used to gather information about media and brand choices, fashion trends, technology, and discretionary spending habits among a cross-section of American high schools. Over 248,283 teenagers have been polled by Piper Sandler since the project’s inception in 2001, and the company has gathered over 60.7 million data points regarding teen expenditure.
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