The just released Piper Sandler Companies’ Taking Stock With Teens® survey in partnership with DECA (the 45th semi-annual) reveals that teens are spending more money, primarily on food, clothes, and makeup.
According to the spring 2023 survey, teen spending is up 2% from spring 2022 to $2,419, with their parents chipping in 60% (down 1%).
Teen boys had the most spending growth (up 6% from last spring) and spent most of their money on food (24%), while teen girls spent the most on clothes (28%, down from 30% last fall).
The core beauty spend (cosmetics, skincare, fragrance) increased 19% from last spring, led by cosmetics (up 32% year-over-year). Teens use more makeup daily (with the bargain-priced e.l.f. remaining their favorite brand). In fact, spending on makeup surpassed the amount spent on skincare for the first time since 2020.
Teen boys spent 12% of all their money on video games (down slightly from 14% last spring), and 32% say they plan to buy a NextGen console within two years.
Piper Sandler notes that “shopping channel preferences shifted to off-price and secondhand.
Gen Z is still socially and politically involved. Their top issues are (in order): the environment, racial equality (moving up the number 2), abortion, inflation, and The Willow Project, a controversial plan to drill for oil in Alaska.
Teens’ tops brands:
- Nike for clothes and footwear
- Ulta for beauty products and services (e.l.f. for makeup)
- Amazon for online shopping
- Coach for handbags
- Chick-fil-A is their favorite restaurant, followed very closely by Starbucks
- Netflix for video consumption
- Spotify for streaming
- TikTok for social media
My favorite stat? Teens say they have the “highest intentions to eat more or the same amount of Cheez-Its and Goldfish.”
Teens stock image by LightField Studios/Shutterstock