The latest Take Stock with Teens survey conducted by investment bank Piper Sandler reveals that Chick-fil-A is a top choice among teenage consumers, garnering 16% of the vote. This data signifies the fast-food chain’s popularity among this demographic. McDonald’s secured the second spot with 10%, followed by Chipotle at 9%. Raising Cane’s made history by claiming the fourth spot with 4% of the votes.
On the downside, the survey indicates a 6% decrease in teen spending levels over the past year, suggesting potential challenges for businesses targeting this age group. Specifically, teenage girls are spending less on clothing (12%), shoes (13%), and accessories (21%).
However, amid these spending trends, the survey revealed a shift towards emerging brands among teens. While Nike remains a top seller, its market share has slightly decreased. Brands like New Balance are gaining traction, whereas Converse is losing ground. Footwear brands like HOKA and On Running are also experiencing growth.
Additionally, teen spending on beauty products has hit a six-year high, totaling $339 and reflecting an 8% increase since spring 2023. Interestingly, most teens (85%) prefer purchasing cosmetics in-store rather than online, showcasing the enduring appeal of the traditional brick-and-mortar shopping experience.
Overall, the survey findings offer valuable insights into the evolving preferences of teenage consumers and the shifting landscape of the retail industry. To delve deeper into the survey results and gain further information, click here.
Stay informed with the latest trends in teenage consumer behavior and discover how brands are adapting to meet the changing demands of this demographic. For more compelling insights and engaging content, continue exploring our recommended reading section.
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