The Spending Life of Teens

*The following is excerpted from an online article posted on MarketWatch.

How do teenagers spend their time and money?

Turns out, they’re buying Chipotle burritos and Nike gear when they’re not scrolling through Snapchat, according to investment firm Piper Sandler’s latest young consumer survey.

The firm just released its semi-annual research project dedicated to unraveling the spending and usage habits of American adolescents. It surveyed 10,000 teens with an average age of 15.8, quizzing them on their preferences.

Chick-fil-A, Starbucks, and Chipotle dominated teenage food tastes, with Chipotle leapfrogging over McDonald’s as the third most preferred restaurant for teens, according to the survey.

Nike was the overwhelming favorite clothing brand for the 11th straight year, as 27% of respondents said the swoosh was their top choice — no other brand reached even 10%. But Lululemon and fast-fashion e-commerce company Shein have gained marketshare in recent years and were cited as the top clothing brand for 5% and 4% of teens, respectively.

When it came to shopping online overall, however, Amazon was the top e-commerce website for 56% of respondents, while the next brand, Shein, was the favorite of 9% of the teens surveyed.

Snap Inc. was once again the favorite social media brand, as 35% of teens preferred it over any other company. But TikTok is hot on its heels, with 30% of teens naming the video-streaming site as their favorite social media platform. Instagram’s popularity has slipped, however: 22% of teens named the Facebook-owned photo-sharing site as their social media choice, which is down significantly from its peak of 31% in spring 2020.

Source: Marketwatch
https://www.marketwatch.com/story/what-teens-want-nike-gear-chipotle-burritos-and-snapchat-11633546684