Piper Sandler Surveys Teen Spending Trends

Published 02 May 2023

Author
Nienke Creemers
2 min read

In its 2023 Taking Stock with Teens survey, US investment bank Piper Sandler reveals American teenagers’ spending...

Key Stats

Piper Sandler Surveys Teen Spending Trends

2%

American teens spent 2% more in early 2023 versus 2022

6%

Boys' spending was up with 6% in 2023 compared to 2022

24% & 28%

Food dominates teen boy's expenditure (24%), while girls put 28% of their money towards clothing

39%

Of American teens, 39% opt for Apple Pay and 25% for Cash App when making digital payments

41%

For peer-to-peer payments, US teens prefer Cash App (41%) and Venmo (39%), while PayPal’s Pay in 4 offering is the top Buy Now, Pay Later service.

19%

American teenagers have the environment firmly on their minds, with 19% saying it’s their top political concern, followed by racial equality (9%), abortion (6%), inflation (6%)

37%

TikTok is the top social media platform for 37% of teens, followed by Snapchat (27%) and Instagram (23%).

  • Spending Goes Up: American teens spent 2% more in early 2023 versus 2022, with boys’ share up by 6%. Food dominated male expenditure (24%), while girls put 28% of their money towards clothing. Of the $2,419 this cohort spends annually, 60% comes from their parents. Meanwhile, 40% of teenagers surveyed are currently employed part-time.

    When it comes to digital transactions, 39% opt for Apple Pay and 25% for Cash App. For peer-to-peer payments, US teens prefer Cash App (41%) and Venmo (39%), while PayPal’s Pay in 4 offering is the top Buy Now, Pay Later service.

  • Causes for Concern: American teenagers have the environment firmly on their minds, with 19% saying it’s their top political concern. Racial equality (9%), abortion (6%), inflation (6%), and Alaskan oil drilling venture the Willow Project (4%) follow as issues most important to this demographic. See more on youngsters’ political views and activism in 10 Youth Trends 2023.

 

 

  • Sporty Dress Codes: Reflecting our Gen Z style collective Sports-Luxe Sartorialists, Nike remains a favourite brand for apparel (33%). Canada’s Lululemon ranked third (6%), highlighting athleisure’s appeal to teens. Meanwhile, 57% of respondents say Amazon is their preferred online shopping destination, but off-price and second-hand retail are increasingly popular channels among this demographic.

 

  • Spending Goes Up: American teens spent 2% more in early 2023 versus 2022, with boys’ share up by 6%. Food dominated male expenditure (24%), while girls put 28% of their money towards clothing. Of the $2,419 this cohort spends annually, 60% comes from their parents. Meanwhile, 40% of teenagers surveyed are currently employed part-time.

    When it comes to digital transactions, 39% opt for Apple Pay and 25% for Cash App. For peer-to-peer payments, US teens prefer Cash App (41%) and Venmo (39%), while PayPal’s Pay in 4 offering is the top Buy Now, Pay Later service.

  • Causes for Concern: American teenagers have the environment firmly on their minds, with 19% saying it’s their top political concern. Racial equality (9%), abortion (6%), inflation (6%), and Alaskan oil drilling venture the Willow Project (4%) follow as issues most important to this demographic. See more on youngsters’ political views and activism in 10 Youth Trends 2023.

 

 

  • Sporty Dress Codes: Reflecting our Gen Z style collective Sports-Luxe Sartorialists, Nike remains a favourite brand for apparel (33%). Canada’s Lululemon ranked third (6%), highlighting athleisure’s appeal to teens. Meanwhile, 57% of respondents say Amazon is their preferred online shopping destination, but off-price and second-hand retail are increasingly popular channels among this demographic.