Stay in the know. Subscribe to Currents
CurrentTrends

Talking Teens: Gen Z Spending Rises

1 Mins read

One of my favorite surveys was just released. The Piper Sandler Taking Stock with Teens report comes out twice a year. This Spring 2022 survey, which examines purchasing behaviors of Gen Z teens, reveals:

  • Teens reported spending $2,367, up 4% from the Fall survey and 9% from Spring 2021.
  • Teen girls drove the increased spending, up 9% from Spring 2021. Their primary purchases? Clothing and footwear.
  • Food is back as the top spend for upper-income teens, up slightly from the Fall numbers but down a bit from last Spring.
  • Teens initiated the current second-hand shopping trend several years ago. (Target just teamed up with ThredUp.) They allocate 7% of their shopping time to purchasing secondhand items—46% have purchased used merchandise, while 56% have sold secondhand goods.
  • Spending on beauty products is up 10% over last Spring. Skincare had the largest share of the beauty spend, followed by cosmetics and haircare. Teen girls are conscious of the ingredients in their beauty products—60% read product labels, 88% say they’d pay more for “clean” beauty products, and 58% would pay more for “science-backed” items.

Brand Preferences

Like many of us, teens tend to be loyal to their favorite brands and places to shop:

  • Amazon is their top e-commerce site overall (53%), but it decreased in popularity among upper-income teen girls.
  • Athletic apparel was their favorite type of clothing, with Nike claiming the top spot for apparel and footwear.
  • For the first time in this survey e.l.f. was the top preferred makeup brand for all teens, displacing Maybelline. Ulta (#1) and Sephora (#2) held on to their spots to buy beauty items.
  • TikTok has replaced Snapchat as teens’ favorite social media platform, with a 33% share of the teen market, compared to Snapchat’s 31% and Instagram’s 22% share.

 

Teen shopping stock image by View Apart/Shutterstock

Related posts
CurrentLead

How to Support Inclusive Entrepreneurship in Local Economies Through the Digital Age

3 Mins read
As the business world digitized over the last decade, it has become clear[i] that small businesses need help creating a digital presence…
CurrentTechnology

How Small Businesses Can Optimize Their Back Office in the Midst of a Labor Shortage

3 Mins read
The recent labor shortage in the U.S. is an unexpected side effect of the pandemic that has left seasoned economists mystified and…
CurrentMoney

5 Signs It’s Time to Find a New Accountant for Your Business

5 Mins read
As a business owner, you likely want to do whatever you can to keep your company’s finances in check. This is why…