MINNEAPOLIS – (BUSINESS WIRE) – October 5, 2021–
Piper Sandler Business (NYSE: PIPR), a leading investment bank, has completed its 42nd biannual Taking Stock With Teens ® survey in partnership with DECA. This survey highlights the discretionary spending trends and brand preferences of 10,000 teens in 44 US states with an average age of 15.8 years.
Fall 2021 of this year ran from August 17 to September 16; 96% of teens returned to school in a hybrid or in-person format this fall, while 4% went completely virtual. We received the most responses from the South with 47% of the mix and 10% of the responses from the Northeast, which is similar to the spring 2021 and fall 2020 polls.
For the survey infographic and more information, visit pipersandler.com/ados
“Our fall poll showed an acceleration in overall adolescent spending, up 6% year-over-year. It should be noted that clothing has taken the highest priority in the share of teenagers’ wallets since fall 2014 at 22%, dethroning “Food”. We saw a disproportionate increase in spending by high-income women, with total spending on fashion up 14% year-over-year. In apparel, athletics is still the dominant trend with Nike and lululemon taking to new heights. Within the shoe, while Nike reigns supreme, Converse and Crocs gain shares while Vans retreat. Michael Kors has reclaimed its No.1 spot as the preferred handbag brand. At the same time, we are seeing a change of figure with looser denim and high waisted mom jeans. We believe apparel restocking will continue through 2022 as consumers continue to restock.
“GenZ is a conscious generation and the teens in this fall survey cite the environment as their main social problem. Opportunity is now second nature to teens and 62% of teens have sold used and 51% have bought used.
“With 91% of teens returning to school in person, we’re not surprised to see the time allocation in picking up specialties in malls. Yet teens remain connected, estimating that they spend 4 hours a day on social media. Snapchat and TikTok are the top two social media platforms. Although Amazon remains the # 1 website, it has seen its mind split decline year over year as female-centric websites like SHEIN are on the rise, ”said Erinn Murphy, Piper Sandler, Senior Research Analyst.
Main conclusions of fall 2021
- + MSD Y / Y growth in clothing and footwear spending (led by women); women’s spending on accessories + 10% Y / Y
- Clothing (22% of the portfolio share) is the No. 1 priority for the first time since autumn 2014, overtaking food at No. 2 (21% share)
- Areas of slight contraction in Y / Y portfolio shares included: video games, films and personal care
- Spending on beauty is evolving, with a sequential build for hair care (+ 8%) and perfumes (+ 14%) while skin and cosmetics are lagging behind
- Teenagers spend 8% of their shopping time on flea markets; 51% of teens bought and 62% sold second-hand
- Chick-Fil-A is the # 1 restaurant for all teens; Starbucks remained # 2 (+100 bps from Y / Y share); Chipotle n ° 3 (5% share)
- 14% of teens consume plant-based meat with Impossible Foods as # 1 (40% share) and Beyond Meat # 2 (31%)
- Video games represent 8% of the teenagers’ wallet share compared to 10% LY; 52% plan to buy a NextGen console
- Teens spend 32% of their daily video consumption on Netflix followed by YouTube (30%); Hulu and other streaming earnings
- Cash is (still) king for teens as the main payment method followed by Apple Pay
- PYPL’s Venmo again ranked # 1 among teens for payment apps, and its “Pay in 4” is the best deal for teens to buy now pay later
- 9% of teens say they have traded cryptocurrency; 78% of these adolescents are men
- 52% of teens cite Amazon as their favorite e-com site (down 200 bps Y / Y); SHEIN took second place (9% share; +400 basis points year-on-year)
- Crocs, PacSun, Hey Dude, Zara, SHEIN, Gymshark are all fashion brands gaining share, Under Armor & Vans have had mixed results
- Ulta gained 400 basis points from Y / Y share as the # 1 beauty destination with a 46% share; Sephora n ° 2 with 21% shares
- Handbag spend improved to $ 96, up 10% year-on-year and 3% sequentially, Michael Kors back in first place
- 87% of teens own an iPhone and 88% expect an iPhone to be their next phone; Apple is the first brand of watches for the first time
- Snapchat is the preferred social media platform (35% share) followed by TikTok (30%) and Instagram (22%, -300 bps Y / Y)
- Meaningful movement in major social and political issues led by environment, racial equality and Afghanistan
- Favorite teen celebrity is Adam Sandler and favorite influencer is Emma Chamberlain (dislodging David Dobrik)
The Piper Sandler Taking Stock With Teens ® Survey is a biannual research project that collects feedback from 10,000 adolescents with an average age of 15.8 years. Discretionary spending patterns, fashion trends, technology, and brand and media preferences are assessed by interviewing a geographically diverse subset of high schools in the United States Since the project began in 2001, Piper Sandler surveyed over 211,800 teens and collected over 49.7 million data points. on adolescent spending.
ABOUT PIPER SANDLER
Piper Sandler Companies (NYSE: PIPR) is a leading investment bank focused on helping clients realize the power of partnership®. Securities brokerage and investment banking services are offered in the United States by Piper Sandler & Co., member of SIPC and NYSE; in Europe through Piper Sandler Ltd., authorized and regulated by the UK Financial Conduct Authority; and in Hong Kong through Piper Sandler Hong Kong Limited, authorized and regulated by the Securities and Futures Commission. Alternative asset management and fixed income advisory services are offered through separately registered advisory firms.
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CONTACT: Pamela Steensland
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PUB: 05/10/2021 08: 00 / DISC: 05/10/2021 08:02
Copyright Business Wire 2021.