Although I’m not a parent, my oldest nephew soon will be a teenager. At this age, it can be hard to know what they’re thinking, so when Piper Jaffray released its 34th annual Taking Stock With Teens survey, I was curious to see the results.
The survey analyzed the spending trends and brand preferences among 6,100 teens with an average age of 16 years old and from 44 U.S. states. Often targeted by brands because of their available disposable income, teenagers’ overall spending decreased 4.4 percent year-over-year, but parent contribution to teen spending was 67 percent, just one point below the long-term average of 68 percent, the investment bank and asset management firm reports.
Also declining, teenagers’ food spending decreased from 24 percent in the spring to 22 percent this fall, but still remains larger than their spending on clothing. Starbucks ranked as the top restaurant for both upper-income and average-income teens; it also is the only public brand with double-digit mindshare with both income sets, Piper Jaffray reports.
The survey delved even deeper into the mindset of teenagers to provide insights on their digital lives. In the eCommerce realm, Amazon ranked as the No. 1 shopping website, with 49 percent of teenagers indicating it as such.
Also noteworthy, the survey highlighted teenagers’ favorite social media platforms. In this category, Snapchat ranked No. 1, with 49 percent of teens indicating it as such. Instagram was a distant No. 2 with 24 percent of respondents listing the platform. Facebook, Twitter and Pinterest earned 9 percent, 7 percent and 1 percent, respectively, rounding out the Top 5.
Although teen consumers can be difficult to understand, surveys like this offer marketers excellent insights into their preferences for products and communications.