Piper Sandler Surveys US Teen Spending, Spring 2024

Published 29 April 2024

Author
Nienke Creemers
2 min read

American teens may be spending less in 2024, but when they have extra cash, they’re choosing to splurge on beauty products. We highlight key spending trends among teens in the US, as revealed in the spring 2024 Taking Stock with Teens survey from American investment bank Piper Sandler.

  • Teen Spending Is Down: Between spring 2023 and 2024, American teens’ self-reported spending fell 6% to $2,263 (compared with $2,419 last year). This decline may reflect the fact that 9% of teens are worried about inflation, up from 6% in 2023. Wanting to build their net worth, some teenagers have started investing: one in four American teens had a custodial investment account last year (Fidelity, 2023). For more, read 10 Youth Trends to Watch 24/25.

  • Splurging on Beauty: Spending less isn’t stopping young people from splurging on beauty. Teens spent 8% more on beauty in spring 2024 than they did in 2023. This is in line with the enthusiasm “Sephora tweens” express for skincare products. See Gen Z (Ad Age) Summit 2024 and The Brief for more.

  • Top Teen Influencers: Topping the list of teens’ favourite influencers is American YouTuber MrBeast (253 million subscribers – the platform’s most popular individual creator). He’s gained a reputation for videos that show elaborate stunts, many with a philanthropic bent, such as paying for cataract surgeries for 1,000 people. “It’s quite powerful to tell a 10-year-old kid who has no independent money and limited agency in their life that they can raise money and help people by watching MrBeast’s videos,” Vincent Miller, a UK-based cultural studies professor, told CNN.

    American TikTokker Alix Earle is also popular with young people, who appreciate her candid get-ready-with-me videos, which are as likely to talk about family dynamics as they are about funny friendship stories.

For further insights, see 10 Youth Trends to Watch 24/25.

  • Teen Spending Is Down: Between spring 2023 and 2024, American teens’ self-reported spending fell 6% to $2,263 (compared with $2,419 last year). This decline may reflect the fact that 9% of teens are worried about inflation, up from 6% in 2023. Wanting to build their net worth, some teenagers have started investing: one in four American teens had a custodial investment account last year (Fidelity, 2023). For more, read 10 Youth Trends to Watch 24/25.

  • Splurging on Beauty: Spending less isn’t stopping young people from splurging on beauty. Teens spent 8% more on beauty in spring 2024 than they did in 2023. This is in line with the enthusiasm “Sephora tweens” express for skincare products. See Gen Z (Ad Age) Summit 2024 and The Brief for more.

  • Top Teen Influencers: Topping the list of teens’ favourite influencers is American YouTuber MrBeast (253 million subscribers – the platform’s most popular individual creator). He’s gained a reputation for videos that show elaborate stunts, many with a philanthropic bent, such as paying for cataract surgeries for 1,000 people. “It’s quite powerful to tell a 10-year-old kid who has no independent money and limited agency in their life that they can raise money and help people by watching MrBeast’s videos,” Vincent Miller, a UK-based cultural studies professor, told CNN.

    American TikTokker Alix Earle is also popular with young people, who appreciate her candid get-ready-with-me videos, which are as likely to talk about family dynamics as they are about funny friendship stories.

For further insights, see 10 Youth Trends to Watch 24/25.