Piper Sandler has some good news for makeup makers: teens may be cutting back on spending overall, but not on cosmetics. In fact, cosmetics held the highest priority of teen’s beauty spending at $127—the highest level seen since 2019, according to the Piper Sandler Companies 46th semi-annual Taking Stock With Teens survey, which was released this month. The leading cosmetics brands cited in the survey are:

No. 1: ELF 29%
No. 2: Rare Beauty 13%
No. 3: Maybelline 6%
No. 4: Charlotte Tilbury (5%)
No. 5: L’Oréal (5%)

This survey was conducted from Sept. 4 – 27, 2023.

In the Piper Sandler Taking Stock With Teens survey, 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.

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