Teens Are Spending Less, But Their Love of Amazon, Nike and e.l.f. Remains

Teenagers are spending slightly less than they did last year, as inflation continues to weigh on purchases.

Annual teen “self-reported” spending was down for the first time since before the pandemic, declining 1% to $2,316 compared with a year earlier, according to Piper Sandler’s Taking Stock With Teens survey released Tuesday. Piper Sandler surveyed 9,193 U.S. teens with an average age of 15.7.

“Our survey points to initial signs of a slowdown in teen spending,” Edward Yruma, senior research analyst at Piper Sandler, said in an accompanying statement. “Inflation reached its highest mindshare in terms of political and social issues, right behind the environment.”

Of the teens surveyed, 37% hold a part-time job, a slight drop from 40% in spring. Meanwhile, parent contribution was up to 62% from 60% in spring.

As teens’ spending habits change given economic conditions, their preferences for brands and retailers across the board have remained largely the same.

Here are some of the biggest companies that teens can’t get enough of:

E-Commerce

More than half of teens say Amazon is their favorite e-commerce site, far surpassing competitors Shein and Temu.

E-retail giant Amazon was ranked No. 1 in e-commerce by 55% of teens, followed by ultra-fast fashion site Shein, as well as Nike, GOAT, and Temu. Only 1% of teens voted Temu as their favorite retailer, despite concerns from Amazon over rising competition.

Apparel

Nike remains the No. 1 brand for all teens in apparel and footwear. American Eagle and Lululemon also held onto their number second and third spots, respectively.

Crocs, which has tapped into its Gen Z cult following in recent months with stylish iterations of its classic clogs, ranked No. 6 favorite footwear brand among all teens.

Beauty

E.l.f., an affordable makeup and skincare brand known for its affordable "dupes" of high-end products, remained the top cosmetics brand.

Beauty retailer Sephora surpassed Ulta as the most preferred beauty shopping destination, holding the strongest loyalty membership at 67%.

Food and Drink

Chick-fil-A held onto its spot as the favorite restaurant among teens, followed by Starbucks and McDonald’s. Goldfish is teens' favorite snack brand.

Monster, Red Bull and Celsius ranked as teens’ favorite energy drink brands, with Celsius at 16% — well above its roughly 10% market share, according to the survey.