Piper Sandler Companies has launched information from its forty second semi-annual Taking Stock With Teens survey, which in seems to be at discretionary spending developments and model preferences from 10,000 teenagers throughout 44 US states. While there was an acceleration in general teen spending 6% year-over-year, areas of slight pockets share contraction (Y/Y) included private care, in response to Piper Sandler. Spending inside magnificence is evolving, too. There is sequential construct for haircare (+8%) and perfume (+14%) whereas pores and skin and cosmetics lagged, in response to Piper Sandler’s survey.
In the survey, Maybelline was the highest cosmetics model and CeraVE was the highest skincare model.
While Amazon stays the No. 1 web site—it did see mindshare slip year-over-year as female-centric web sites like Shein, a trend retail website, are on the rise, famous Piper Sandler Senior Research Analyst Erinn Murphy.
According to the survey, teenagers allotted 8% of their procuring time to secondhand; 51% of teenagers have bought and 62% have offered secondhand.
Piper Sandler Companies’ Taking Stock With Teens Survey (2021)
Also of observe: money is (nonetheless) king for teenagers as high cost methodology adopted by Apple Pay. PYPL’s Venmo once more ranked No. 1 with teenagers for cost apps, and its “Pay in 4” was teenagers’ high purchase now pay later providing.
Ulta was the No. 1 magnificence vacation spot with 46% share. Sephora was No. 2 at 21% share. Target was No. 3.
The survey additionally digs into teen behaviors and social considerations, which affect how manufacturers could wish to work together with these clients.
According to estimates, Teens spend 4 hours a day on social media, with Snapchat and TikTok the top-two platforms. Teens spend 32% of their every day video consumption on Netflix adopted by YouTube (30%), in response to the survey.
GenZ is a aware era and youths on this survey cited the surroundings as their high social subject, stated Piper Sandler.
The Piper Sandler Taking Stock With Teens survey is a semi-annual analysis challenge that gathers enter from 10,000 teenagers with a mean age of 15.8 years. Since the challenge started in 2001, the corporate has surveyed greater than 211,800 teenagers and picked up greater than 49.7 million information factors on teen spending.