The fall Taking Stock with Teens report from investment bank Piper Sandler shows teen spending is up 3% year/year, led by teen girls, whose spending is up 10% year/year. The girls are buying clothes (up 10% year/year) and footwear (up 7% year/year). Nearly half (47%) of teens have purchased something second-hand, while 58% have sold goods. Upper-income teen girls spent 30% of their total wallet share on clothing, the highest level since 2012.
Makeup is making a comeback in the teen market. Daily makeup wearers have hit 41%, up from 33% last year. Teens spent $264 on their “core beauty wallet” (cosmetics, skincare, fragrance), up 20% from last fall’s survey, driven by cosmetics sales, up 28% from fall 2021. Their favorite makeup brand remains e.l.f., and their favorite place to buy beauty products is Ulta.
About 67% of teens wear some type of fragrance daily, boosting sales 21%—their top outlet for fragrances—Bath & Body Works.
Teens spent 12% of their total wallet share on video games, which is down slightly from last year’s 14%. Teen boys spent most of their money on food, coming in at a 23% share of their total spending.
Today’s teens are, of course, part of the socially-conscious Generation Z, and they say the environment is their top concern, followed by abortion, racial equality, inflation, and gas prices.
TikTok retains its spot at the top of their favorite social media apps, widening its lead over Snapchat and Instagram.
Teens shopping stock image by View Apart/Shutterstock
