By Nathalie Voit
A new survey released by investment banking company Piper Sandler found teens spending more despite rising economic uncertainty.
The 43rd semi-annual “Taking Stock With Teens” report, released April 6, saw teen self-reported spending rise to $2,367, or 4% sequentially. This was a modest increase from the fall, when self-reported spending levels were at $2,274, according to data from Piper Sandler’s Fall 2021 report.
Year-over-year, teen spending increased 9%, with parents contributing 60% towards that spending. However, it is possible the increased spending levels simply reflect a rise in overall inflation.
Nearly 4 in 10 teens held part-time jobs (39%), up from 38% in the fall and 33% in the spring of 2021, according to the survey.
The most popular fashion brands among Generation Z consumers were Nike (30%), American Eagle (7%), Lululemon (5%), H&M (4%), and Adidas (4%).
Teens rated Amazon as their top e-commerce retailer (53%), followed by Chinese retail giant Shein (8%), Nike (6%), and Pacsun (2%).
Athletic apparel brand Nike again topped the list as the number one footwear brand for teens (60%), followed by Converse, Adidas, and Vans, which all ranked at 8%.
The Russian invasion of Ukraine was rated as the top political or social issue for Zoomers at 13%. Inflation and gas prices combined made up 14% of the mindshare. The COVID-19 pandemic was no longer featured in the top ten list, despite coming fourth in Piper Sandler’s survey last fall and last spring.
When asked whether they thought the U.S. economy was getting worse, nearly 3 out of 4 teens (71%) said yes, up from 56% last fall and 46% in the spring.
The responses point to growing economic unease not just among U.S. adults and retirees but across all generational cohorts.
The survey tracks the spending habits of 7,100 teens across the U.S., with an average age of 16.2 and an average household income of $69,298.