A recent survey reveals that teenager spending in the U.S. has seen a spike from the previous year. The Piper Sandler survey suggests that teens have spent an average of $2,361 in the last year, which is a rise of 6% from the year prior.
How do teenagers manage to fund these shopping binges? The survey answers - about 34% of the more than 13,500 teens surveyed across the U.S confessed to having a part-time job.
The preferred online shopping hub for teenagers is Amazon, while the crown for the favorite brand for footwear and apparel goes to Nike. Notably, Nike managed to outshine Adidas and Lululemon despite facing some management and Wall Street issues.
Spending patterns also showcased a surge in specific categories like beauty. The annual spend on fragrance, skincare, and cosmetics rose by 6% year-on-year, hitting a high of $342. This marks the peak level since spring 2018.
Sephora, Ulta, and Target emerged as the popular stores for purchasing beauty products. Young shoppers are exhibiting a bent towards more affordable beauty brands: e.l.f. and CeraVe stand as the top cosmetic and skincare brands for teenagers. Closely behind e.l.f, Rare Beauty, owned by Selena Gomez, came in second place as a favorite cosmetic brand, with Maybelline finishing third.