Funding financial institution Piper Sandler Firms has been surveying teenagers about discretionary spending tendencies and model preferences for a few years, and has now launched its forty fifth semi-annual Taking Inventory with Teenagers survey, in partnership with world high-school-student community DECA, receiving enter from 5,690 teenagers throughout 47 U.S. states with a median age of 16.2 years.
The survey reveals strong teen spending, up 2 % (self-reported) from the agency’s final report, with male spending up 6 %. Meals remained the highest spend class for males, and attire remained high for females. Amongst procuring classes, magnificence (which incorporates cosmetics, skincare and perfume) grew by practically 20 % as on a regular basis use of make-up continues to pattern upward, and wonder model e.l.f. stays the dominant participant amongst females.
The clothes and attire class is dominated by Nike, which stays robust at No. 1, with lululemon—No. 1 within the final report—dropping to No. 3. Nike additionally stays on high for footwear, with UGG, Crocs and Hey Dude rating among the many high 10 manufacturers.
TikTok remained the favourite teen app in Spring 2023, though its recognition declined vs. Fall 2022, with SNAP coming in second and Instagram in third. Amazon remained the highest vacation spot for procuring, with Nike, SHEIN, lululemon, and PacSun taking spots No. 2-5.
Coach remained high amongst purse manufacturers, with Louis Vuitton coming in at No. 2 and Michael Kors dropping to No. 3. Favourite teen eating places remained Chick-fil-A, Starbucks and Chipotle. Goldfish stay essentially the most most well-liked snack model, with Cheez-It following.
Gen Z is a acutely aware era and seems to care extra about social justice and the setting in comparison with older generations. Teenagers this spring cited the setting as their high concern. Racial equality moved as much as the No. 2 concern, adopted by abortion, inflation and The Willow Challenge.
Extra Spring 2023 findings:
- Video video games are 12 % of male teen pockets share (vs. 14 % LY), and 32 % anticipate to buy a NextGen console inside 2 years
- SQ’s Money App ranked No. 1 most most well-liked peer-to-peer cash switch app at 41 % vs. PYPL’s Venmo at 39 %
- Apple Pay ranked No. 1 for cost apps used throughout the final month at 39 %, adopted by Money App at 25 %
- Of the kids surveyed, 42 % devour or are keen to attempt plant-based meat, vs. 49 % in Spring 2021, whereas 40 % both devour or are keen to devour plant-based dairy
- 68 % of teenagers have used Spotify for streaming providers over the past 6 months, with 44 % of teenagers opting to subscribe/pay for Spotify providers
- Teenagers spend 31 % of day by day video consumption on Netflix (+100 bps vs Fall 2022) and 28 % on YouTube (-200 bps vs Fall 2022)
- Telephone is the No. 1 most well-liked methodology for customer support interplay; Textual content/SMS reveals one of the best multi-year positive factors
- 87 % of teenagers personal an iPhone; 88 % anticipate an iPhone to be their subsequent telephone; 35 % personal an Apple Watch
Piper Sandler’s Taking Inventory With Teenagers survey is a semi-annual analysis mission that gathers enter from 5,690 teenagers with a median age of 16.2 years. Discretionary spending patterns, style tendencies, know-how, and model and media preferences are assessed by way of surveying a geographically various subset of excessive colleges throughout the U.S. For the reason that mission started in 2001, Piper Sandler has surveyed greater than 239,000 teenagers and picked up over greater than 58 million information factors on teen spending.
