The spring 2024 "Taking Stock with Teens" survey from American investment bank Piper Sandler reveals several key spending trends among US teenagers:
1. Teen Spending Decline: The self-reported spending among American teens fell by 6% to an average of $2,263 in spring 2024, compared with $2,419 in the previous year. This decline may be due to economic concerns such as inflation, which 9% of teens reported worrying about (up from 6% in 2023). Additionally, some teens have started investing to build their net worth, with one in four American teens having a custodial investment account last year.
2. Beauty Product Splurging: Despite the overall spending decline, teens are spending more on beauty products. Spending on beauty increased by 8% in spring 2024 compared to the previous year. This trend aligns with the enthusiasm "Sephora tweens" have for skincare products.
3. Influencer Preferences: The top influencers among teens are American YouTuber MrBeast and TikTokker Alix Earle. MrBeast is known for his elaborate stunts and philanthropic videos, such as paying for cataract surgeries for 1,000 people. This resonates with young audiences who are drawn to his charitable work and entertaining content. Alix Earle is appreciated for her candid "get-ready-with-me" videos that touch on topics such as family dynamics and friendship stories.
The survey's findings offer insights into the evolving spending habits and preferences of US teens, highlighting their focus on beauty products and their interest in influencers who offer engaging and relatable content. Brands and marketers can use this information to better tailor their strategies to meet the preferences and interests of this demographic.
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