Lululemon, Starbucks and e.l.f. Beauty score high in Piper's survey of teens
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Piper Survey released the results of its 44th semi-annual Taking Stock With Teens survey. The survey focused on discretionary spending trends and brand preferences from 14,500 teens across 47 U.S. states with an average age of 15.8 years.
The survey pointed to solid 3% growth for teen spending this fall and winter.
Females continue to lead the growth in spending (clothing +10%, footwear +7%). The core beauty wallet (cosmetics, skincare, fragrance) grew 20% Y/Y, led by cosmetics (+28%). As for brands, e.l.f. Beauty (ELF) remaining the dominant player in makeup with teens and Bath & Body Works (BBWI) was also a standout. Within apparel, athletic is still the dominant trend for teens. Nike (NKE) remained strong and Lululemon Athletica (LULU) hit new highs as teens continue to pay up for the brand. Of note, Vans (VFC) fell out of the top 10 favorite apparel brands. Piper noted that the athletic apparel trend may be peaking with 44% of upper-income teens preferring apparel brands, which was flat with the results from the Spring 2022 survey. Within footwear, Nike (NKE) was on top again and Converse gained share at the expense of Adidas (OTCQX:ADDYY) and Vans (VFC).
Food remained the top spend category for males and apparel remained top for females.
Overall, Chick-Fil-A stayed a favorite with teens and was named the top restaurant by 18% respondents followed by Starbucks (SBUX) at 17% and Chipotle (CMG) at 13%.
Teens did indicate in the survey that they plan to eat less plant-based meat in what could be a negative trend for Beyond Meat (BYND). Meanwhile, teens report highest intentions to eat more or the same amount of Nature Valley (GIS) and Clif (MDLZ), while Goldfish (CPB) remained teens most preferred snack brand.