That was the conclusion from Piper Jaffray’s 35th semiannual Generation Z survey of more than 6,000 U.S. teens.
According to the latest data, teen spending rose 6 percent from the fall’s survey, and is up from 2 percent a year ago. Food, beauty and video games continue to dominate wallet share. In apparel, the athletic cycle is “above historic average, but [the] streetwear cycle accelerates [it],” the report concluded.
For beauty, females spent $368 per year, with spending for skin care leading the way. That’s an increase of 18 percent year-over-year. Top beauty destinations were Sephora at 44 percent; followed by Ulta, 28 percent; Target, 11 percent; CVS, 3 percent and Walmart, 3 percent. The top skin care brand was Neutrogena at 24 percent. Cetaphil and Clinique tied for second place at 7 percent. They were followed by Clean & Clear at 6 percent and Mario Badescu at 4 percent.
For apparel, streetwear saw the largest incremental gains led by Vans for footwear and Supreme for apparel. Overall, Nike held the top spot for apparel brands at 23 percent. Next was American Eagle, 10 percent; followed by Adidas, 6 percent and Forever 21 at 5 percent. Rounding out the top five was Urban Outfitters, also listed at 5 percent.
For handbag brands, the top brand was Michael Kors at 28 percent. Placing second was Kate Spade at 17 percent. Coach was third at 14 percent. Rounding out the top five were Gucci, 9 percent; and Louis Vuitton, 7 percent.
Their top shopping platform was Amazon, at 44 percent. In second place, but not even close to Amazon’s numbers, was Nike at just 6 percent, followed by American Eagle at 4 percent.
Gen Z’s favorite social media platform is Snapchat, at 45 percent. Next was Instagram at 26 percent. Twitter was third at 9 percent. Facebook wasn’t far behind, at 8 percent. Pinterest rounded out the top five at 1 percent.