The 47th Piper Sandler Taking Stock With Teens now has more than 61 million data points around teen preferences and spending in the 23+ years of researching teens. The survey is a semiannual research project since 2001 that gathers input from teens across the US, diving into discretionary spending patterns, fashion and beauty trends, technology, and brand and media preferences.

"We are excited to share the results of our spring 2024 Taking Stock With Teens survey, which offers an in-depth look at how Gen Z is impacting our overall economy through their spending habits. Our survey results indicate a slight increase in teen spending sequentially from fall 2023, but self-reported spend is down 6% year-over-year (Y/Y), well below pre-pandemic levels. We are seeing some significant shifts in brand preferences including the rise of smaller, innovative brands, which are taking share from incumbents. We think social media has led to an accelerated trend cycle including an increased emphasis on key products, and brands will have to be nimble to keep up," said Abbie Zvejnieks, Senior Research Analyst at Piper Sandler.

Digital Behavior

• Instagram significantly improved from fall '23 (+700 bps) and is now the No. 2 favorite app with 30% of teens. TikTok remained No. 1 but declined ~300 bps to ~35%. SNAP fell ~600 bps to the No. 3 favorite at ~22%.
• Roblox active usage improved to ~34% in spring '24 from ~31% in fall '23. ~22% of teens have never played Roblox, down from ~24% in fall '23.
• 66% of teens have used Spotify over the last six months (down from 68% last spring), with 45% of teens opting to subscribe/pay for Spotify (up from 44%).
• Teens spend 29% of daily video consumption on Netflix (-210 bps vs. spring '23) and 27% on YouTube (-130 bps vs. spring '23).
• Phone remains the No.1 preferred method for customer service interactions (~50% share); Text/SMS is showing best secular growth trends.

Beauty Highlights

• Beauty remains a heightened priority, with the core beauty wallet reaching the highest level since spring 2018 at $339 (+8% Y/Y), driven by growth in all categories.
• Cosmetics still holds the highest share of total beauty spend, but fragrance is experiencing the greatest growth at +23% Y/Y.
• e.l.f. continued its dominance as the No. 1 cosmetics brand and grew its share by 16 points Y/Y to 38%. The brand also continues to rank in the top 10 skincare brands and beauty destinations.
• Beauty consumers still prefer to shop in-store vs. online at 85% preference for in-store.
• Ulta is ceding some mindshare to Sephora, but with both retailers having ~60% loyalty membership penetration.

Top Beauty Destinations

1. Sephora 37%
2. Ulta 31%
3. Target 10%
4. Amazon 5%
5. Walmart 5%

Top Cosmetic Brands

1. e.l.f. 38%
2. Rare Beauty 9%
3. Maybelline 6%
4. Charlotte Tilbury 5%
5. Fenty Beauty 4%

Top Skincare Brands

1. CeraVe 38%
2. The Ordinary 9%
3. La Roche-Posay 6%
4. Cetaphil 5%
5. Glow Recipe 3%

Top Fragrance Brands

1. Bath & Body Works 29%
2. Sol de Janeiro 17%
3. Victoria's Secret 11%
4. Ariana Grande 5%
5. Dior 4%

Top Haircare Brands

1. Amika 9%
2. Mielle 6%
3. Olaplex 5%
4. SheaMoisture 5%
5. Not Your Mother's 4%