Fragrance brands

Teenagers’ expenses are increasing; Favorite brands are…

The country’s teenagers aren’t letting their growing concerns about economic uncertainty and the war in Ukraine dampen their spending.

Teen spending up 9% year-over-year, Piper Sandler Companies’ report 43rd biannual annual survey “Taking stock with teenagers” (in partnership with DECA). Women continue to lead growth, not only in fashion spending (with clothing up 15% and footwear up 16%0), but also in the digital shift with 95% of high-income women shopping online compared to 91% of men.

The survey, conducted from February 16 to March 22, highlights the spending trends and brand preferences of 7,100 teens from 44 US states with an average age of 16.2. The teens said they plan to spend about $2,367 this year, for an overall estimated total of about $66 billion. This is up from 4% in Piper Sandler’s fall survey (and, as noted above, a 9% increase from the company’s Spring 2021 report).

The survey found teens are concerned about the economy, with 71% saying they think the US economy is getting worse, down from 56% last fall and 46% last spring. Russia’s invasion of Ukraine ranked as their top political or social issue (13%), followed by racial equality (10%) and gas prices (10%). Notably, the COVID pandemic was not among the top 10 concerns. He ranked fourth in the fall survey.

Favorite brands, stores

Nike remained the favorite clothing brand for teenagers, according to the survey, for the 11th consecutive year. It was followed by American Eagle Outfitters, Lululemon, H&M and Adidas completing the top five.

The survey found that in apparel, athletics is still the dominant trend, with Nike and lululemon reaching new heights. Sports brand mindshare accounted for 44% of teenage favorite clothing brands – the highest number ever recorded in a Piper Sandler survey, the company noted.

Nike also reigns supreme in shoes, with Converse taking No. 2

Amazon ranked as teens’ favorite website for shopping overall by a wide margin. It was followed by Shein, Nike, PacSun and Lululemon.

Ulta remained the #1 favorite beauty destination with 48% mind share, while Sephora remained #2. elf has become the #1 favorite makeup brand for all teenagers for the first time, replacing Maybelline. The beauty staples portfolio (cosmetics, skincare, fragrances) was $264/yr, up 10% year-over-year.

Chick-Fil-A ranked first restaurant for teens, followed by Starbucks and Chipotle.

Other key findings from Piper Sandler’s spring report are listed below.

TikTok overtakes Snapchat as the #1 favorite social media platform (33%), followed by Snapchat (31%); Instagram is losing shares as the No. 3 player.

• Forty-eight percent of teens are unsure or uninterested in the metaverse.

• For payment apps, Apple Pay ranked first, in part because 87% of teens in the survey said they have an iPhone.

• Cash is the most common form of payment, with 89% of teens reporting having used cash in the past month, up from 83% last year.

• Teens spend 30% of their daily video consumption on Netflix and YouTube (30% each); HBO Max gained shares.