Piper Sandler has released its “Taking Stock with Teens” survey for Fall 2022. The survey found a shift toward discount retailers among high-income teens. The results also saw teenage girls leading a year-on-year spending spike. Something is loading.
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Gen Z is spending slightly more across the board in 2022, as wealthier teens turn to discount stores, according to Piper Sandler’s latest “Taking Stock with Teens” survey.
The company’s 44th semi-annual report is based on a sample of 14,500 U.S. teens surveyed from Aug. 21 through Sept. 23, 2022. Piper Sandler’s Teen Spending Survey Project began in 2001 and amassed more than 56, 5 million data points over the years. The survey found that “self-reported” spending for teens jumped 3% year-on-year, although it fell 2% from spring 2022.
The survey delved into the brands and spending trends enjoyed by the Gen Z cohort. More than 39% of respondents work part-time to earn extra money, up slightly from Last year.
Here are some highlights from the latest report:
All goods purchased were not new.
Second-hand shopping takes up 7% of teenagers’ shopping time. Piper Sandler found that almost half – 47% bought second-hand items and 58% sold goods on the second-hand market.
Women “lead the increase in teenage spending.” Piper Sandler found teen spending increased 3% year over year Courtesy of Piper Sandler
Teenage girls reported a 10% year-over-year increase in spending.
Skincare was the largest category of beauty spending. Beauty spending has increased among teenagers. Courtesy of Piper Sandler
Cosmetics come second, followed by hair care. The percentage of teenagers who report wearing makeup every day has increased from 33% to 41%.
In the restaurant business, chicken rules.
18% of respondents said their favorite spot was Chick-Fil-A. Starbucks is close behind at 17%, with Chipotle rounding out the top three at 13%.
As for e-commerce, 52% of survey participants said they prefer Amazon.
Next on their list were Shein, Nike, Lululemon and PacSun.
In terms of social media platforms, TikTok soared with a 38% share.
Teenagers prefer TikTok. Courtesy of Piper Sandler
Snapchat and Instagram came in at #2 and #3.
Higher income, lower prices.
High-income men spent the most on food; teenage girls, on the other hand, spend the most on clothes. High-income teens have also turned to discount shopping.