What are Gen Z’s favorite brands? In its 46th semiannual survey of such spenders, investment bank Piper Sandler Cos. included these findings for fall 2023:
- Teen “self-reported” spending was down 1 percent year-over-year, to $2,316. This is the first time a spending decrease has been detected in the survey since before the COVID-19 pandemic.
- e.l.f. Beauty Inc. remains the top cosmetics brand, increasing 13 points Y/Y to 29 percent for female teens.
- Nike Inc. maintains its position as the number one favorite brand among teens in both apparel and footwear, with 35 percent and 61 percent mindshare, respectively.
- Chick-fil-A Inc. stays the highest-ranked restaurant, at a 16 percent share.
- Apple’s iPhone continues to reign, as 87 percent of teens own one and 88 percent expect the iPhone to be their next mobile device.
- TikTok is the favorite social platform among teens, followed by Snap and Instagram.
“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 at Piper Sandler.
This latest Piper Sandler Taking Stock with Teens survey netted responses from 9193 teens with an average age of 15.7 years. The fall 2023 survey was conducted from Sept. 4-27.
Click here to see the full list of key findings from the survey, view the report summary and request the full survey report.
