Piper Sandler: Spring 2024 Teen Report

Teens' "self-reported" spending fell 6% year-over-year to $2,263, up 1% from last fall; parents' funding share was 62%, the same as last fall.

Teen footwear spending was down -1% year-over-year.

Fashion spending by girls from high-income families fell 12% year-on-year, with spending on clothing (down 13%), shoes (down 3%) and accessories (down 21%) all falling.

Nike remains the most popular shoe brand, but its market share has declined.

Among teenagers from high-income families, HOKA remains the third largest sports shoe brand; On Running remains the fifth largest sports shoe brand.

Beauty remained a top priority, with core beauty spending reaching its highest level since spring 2018 at $339 (up 8% year-over-year), driven by growth across all categories.

Makeup accounts for the highest share of total beauty spending, but fragrances have the highest growth rate, up 23% year-over-year.

Beauty consumers still prefer to shop in-store rather than online, with 85% of teen consumers preferring to shop in-store.

Instagram has made a big improvement from fall 23 and is now the second most popular app (30%). TikTok still ranks first, but its popularity has dropped to about 35%. SNAP is in third place.

Weekly VR device usage increased from approximately 10% in the fall of 2023 to approximately 13%.

Roblox's active usage rate increased from approximately 31% in the fall of 2023 to approximately 34% in the spring of 2024.

66% of teens have used Spotify in the past six months (down from 68% last spring), and 45% of teens choose to subscribe/pay for Spotify (up from 44% last spring).

Teens spend 29% of their daily video viewing time on Netflix and 27% on YouTube.

Chick-fil-A remains the most popular restaurant (16%), with McDonald’s (10%) moving up to second place from third place last fall.

The percentage of teens willing to try plant-based meat fell to an all-time low of 32% in Spring 2024, compared to 49% in Spring 2021.

Phone remains the preferred method of customer service interaction (50%).

The preferred orthodontic treatment was clear aligners (57%).