Teen girls are continuing to spend on clothing and accessories, with beauty items like like skincare and makeup among their top purchases, according to the latest survey by Minneapolis-based investment bank Piper Sandler.
The Taking Stock with Teens survey for fall 2022 determined that teen spending is up 3% year-over-year, to $2,331, but down 2% compared to the spring. Females continued to lead the growth in spending, with an overall increase of 10%, including a 10% increase on clothing and 7% increase on footwear. Spending on cosmetics, skincare, fragrance and other beauty items was up 20% and led by a 28% increase on cosmetics.
Apparel remained the top spending category for females, with 30% wallet share among upper-income females hitting the highest levels since 2012, while food remained the top spending category for males, at 23% share.
The semi-annual survey conducted in partnership with career and technical student organization DECA, highlights discretionary spending trends and brand preferences among teens.
Other findings from the survey include:
The fall 2022 survey was conducted from August 12 to September 23 and gathered input from 14,500 U.S. teens, with an average age of just under 16.
Piper Sandler has surveyed more than 233,400 teens and collected over 56 million data points on teen spending since 2001.
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