Piper Sandler Surveys Teen Spending Trends

Published 02 May 2023

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2 min read

In its 2023 Taking Stock with Teens survey, US investment bank Piper Sandler reveals American teenagers’ spending habits, political concerns and brand preferences. Stylus distils the key takeaways.

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.

Algo Alliances: TikTok is the top social media platform for 37% of teens, followed by Snapchat (27%) and Instagram (23%). The survey lists British-American kickboxer Andrew Tate as this cohort’s second-favourite influencer, after American influencer Alix Earle, a slight shift from Tate's top ranking last year. This underlines the enduring appeal of strong, alpha-male figures among young men, which haven’t seemed to budge much after Tate’s arrest and criminal charges in Romania in December (see Refining Modern Masculinity).

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.