Piper Sandler's annual teen survey, spanning 113 pages and surveying over 6,000 U.S. teens, has revealed several key insights into the spending habits and brand preferences of Generation Z for 2024. The survey found that overall teen spending has decreased by 6% year-over-year to $2,263, with footwear and accessories experiencing the biggest hit. Despite this decline, beauty spending among teens has reached an all-time high, with fragrance purchases leading the surge. In terms of brand preferences, Nike has retained its position as the number one brand among teens, although it has lost share in every category for the first time in several years. Additionally, while TikTok remains the favorite app among teens, Instagram has seen increased popularity. The survey's findings have influenced market sentiments, as evidenced by Jim Cramer's advice to 'sell, sell, sell Nike' ($NKE) following the brand's loss of shares in every category. Furthermore, Crocs ($CROX) has also seen a drop in favor among teens, as indicated by a decrease in its stock value.
Nike remains No. 1 brand for teens- Piper Sandler survey https://t.co/q5OP5DJvpI
Top 10 key takeaways from Piper Sandler's spring 2024 teen survey https://t.co/WNQi0q5mPz https://t.co/dRfkBJNsk4
Crocs $CROX stock drops as Piper Sandler's survey shows brand is losing favor with teens https://t.co/CMc85MYYHt https://t.co/nCkpzmgiPR
"Sell, sell, sell Nike." After the results from the Piper Sandler annual teen survey showed Nike lost shares in every category, @jimcramer is out on Nike, despite it still being ranked #1. $NKE https://t.co/oS12AIyuKF
Key Gen Z spending insights (2024) from Piper Sandler's 100+ page survey of 6000+ US Teens: Spending Dip: - Teen spending is down, with footwear and accessories taking the biggest hit Beauty Booming: - Beauty spending is at an all-time high, with fragrance leading the surge… https://t.co/fDnNBBhy2l
Some takeaways from Piper’s 113-page, annual teen survey: * Teen “self-reported” spending was down -6% Y/Y to $2,263 * Nike remains No. 1, but for the first time in several years, lost share in every category * Although TikTok is still teens No. 1 favorite app, Instagram took… https://t.co/D8L4UEAnCp