10.10.23
Piper Sandler Companies has released findings of its 46th semi-annual Taking Stock With Teens survey, and it appears these consumers are tightening their belts when it comes to spending.
According to the survey, which is conducted in partnership with DECA, teen “self-reported” spending was down 1% year over year to $2,316—something that not been seen in Piper Sandler’s survey since before the covid pandemic. This latest survey was conducted from September 4–27, 2023.
“Our survey points to initial signs of a slowdown in teen spending. Inflation reached its highest mindshare in terms of political and social issues, right behind the environment,” said Edward Yruma, senior research analyst.
Inflation was noted by teens as the No. 2 social concern; the environment was No.1.
Female spending was down overall with specific decreases across apparel and shoes, according to Piper Sandler.
Cosmetics held the highest priority of beauty spending at $127, the highest level seen since 2019.
Mass market leader ELF remained the No. 1 cosmetics brand, increasing 13 points Y/Y to 29% for female teens.
Sephora showed impressive gains in this most recent survey. It surpassed Ulta Beauty, Inc., to become the No. 1 preferred beauty shopping destination with a loyalty membership of 67%, according to the data.
Specialty retail for beauty purchases reached the highest level yet at 79%, and mass/dept/drug reached a new low of 11%, according to Piper Sandler.
For more on spending in several categories and additional details from the survey, see this infographic.
Piper Sandler Taking Stock With Teens survey is a semi-annual research project that gathers input from 9,193 teens with an average age of 15.7 years. Discretionary spending patterns, fashion trends, technology, and brand and media preferences are assessed through surveying a geographically diverse subset of high schools across the US. Since the project began in 2001, Piper Sandler has surveyed more than 248,283 teens and collected over 60.7 million data points on teen spending.
According to the survey, which is conducted in partnership with DECA, teen “self-reported” spending was down 1% year over year to $2,316—something that not been seen in Piper Sandler’s survey since before the covid pandemic. This latest survey was conducted from September 4–27, 2023.
“Our survey points to initial signs of a slowdown in teen spending. Inflation reached its highest mindshare in terms of political and social issues, right behind the environment,” said Edward Yruma, senior research analyst.
Inflation was noted by teens as the No. 2 social concern; the environment was No.1.
Female spending was down overall with specific decreases across apparel and shoes, according to Piper Sandler.
Good News for Beauty
However, there was good news for beauty: the core beauty wallet (cosmetics, skincare and fragrance) stood at $324 per year with cosmetics leading at +33% Y/Y.Cosmetics held the highest priority of beauty spending at $127, the highest level seen since 2019.
Mass market leader ELF remained the No. 1 cosmetics brand, increasing 13 points Y/Y to 29% for female teens.
Sephora showed impressive gains in this most recent survey. It surpassed Ulta Beauty, Inc., to become the No. 1 preferred beauty shopping destination with a loyalty membership of 67%, according to the data.
Specialty retail for beauty purchases reached the highest level yet at 79%, and mass/dept/drug reached a new low of 11%, according to Piper Sandler.
For more on spending in several categories and additional details from the survey, see this infographic.
Piper Sandler Taking Stock With Teens survey is a semi-annual research project that gathers input from 9,193 teens with an average age of 15.7 years. Discretionary spending patterns, fashion trends, technology, and brand and media preferences are assessed through surveying a geographically diverse subset of high schools across the US. Since the project began in 2001, Piper Sandler has surveyed more than 248,283 teens and collected over 60.7 million data points on teen spending.