Piper Sandler Taking Stock With Teens survey is a semiannual research project since 2001 that gathers input from teens across the US with an average age of 15.7 years. The survey dives into discretionary spending patterns, fashion and beauty trends, technology, and brand and media preferences.

“Our survey points to initial signs of a slowdown in teen spending. Inflation reached its highest mindshare in terms of political and social issues, right behind the environment,” Senior Research Analyst Edward Yruma said. The survey surfaced that teen “self-reported” spending was down 1% Y/Y to $2,316, and down 4% versus from spring '23; parent contribution was 62% versus 60% last spring '23.

Beauty Highlights

• e.l.f. Beauty, Inc. remains the top cosmetics brand, increasing 13 points Y/Y to 29% for female teens.
• The core beauty wallet (cosmetics, skincare, fragrance) stood at $324/year (+23% Y/Y), led by cosmetics (+33% Y/Y).
• Cosmetics held the highest priority of beauty spending at $127; the highest level seen since '19.
• Spend for haircare at $96, versus $133 for color and $122 for skincare. 
• Specialty retail for beauty purchases reached the highest level yet at 79%, and mass/dept/drug reached a new low of 11%.
• Sephora surpassed Ulta for the No. 1 preferred beauty shopping destination (Ulta at No. 2) and held the strongest loyalty membership at 67% (Ulta at 60%).

Top Beauty Destinations

1. Sephora 37%
2. Ulta 32% 
3. Target 9%  
4. Amazon 5% 
5. Walmart 5%

Top Cosmetics Brands

1. e.l.f. 29%
2. Rare Beauty13%
3. Maybelline 6%
4. Charlotte Tilbury 5%
5. L’Oreal 5%

Top Skincare Brands

1. CeraVe 37%
2. The Ordinary 9%
3. La Roche-Posay 5% 
4. Cetaphil 5% 
5. Glow Recipe 4%

Top Haircare Brands

1. Olaplex 8%
2. SheaMoisture 6% 
3. Amika 5%  
4. Not Your Mother's 5% 
5. Mielle 5%

Top Fragrance Brands

1. Bath & Body Works 31%
2. Sol de Janeiro 17% 
3. Victoria's Secret 11% 
4. Ariana Grande 5% 
5. Dior 4%