The Piper Jaffray survey highlights discretionary spending trends and brand preferences from 9,500 teens across 42 US states with an average age of 15.8 years.
According to senior research analyst Erinn Murphy, this survey revealed the lowest overall teen spending levels in eight years.
“The two most challenged categories were handbags and cosmetics as females reprioritize their spending with eating out and footwear/apparel,” she said.
Generation Z, which contributes approximately $830 billion to U.S. retail sales annually, is clearly a digitally native group: 83% of teens have an iPhone, 52% of teens claim Amazon as their favorite online shopping website.
According to Piper Jaffray, 91% of female teens preferred shopping for beauty in-store vs. online, and 89% of female teens use online influencers as a source of discovery for beauty brands and trends. Kylie Jenner ranks No. 2 “top influencer” and she is the only beauty influencer in the top 10 this Fall, said the group.
Ulta maintains No. 1 preferred beauty destination against Sephora for second survey in a row, said Piper Jaffray.
Food continues to be male teens’ No. 1 spending category (23%). cClothing is female teens’ No. 1 wallet share (27%).