A new report says that the impact of inflation made only a tiny dent in the spending of US teens, but that an iPhone and Apple Watch remain top priorities.
Investment banking giant Piper Sandler has shared the results of its latest large-scale survey of the behaviors and plans of US teenagers …
The semi-annual survey is known as Taking Stock With Teens. The latest surveyed 9,193 teens across 49 US states, with the average age of respondents at 15.7 years.
Spending of US teens virtually unchanged
While inflation may be hitting hard for some, it appears that teens – at least, those in this survey, of which more in a moment – have barely been affected.
Teen “self-reported” spending was down 1% Y/Y to $2,316. A spending decrease has not been seen from this survey since before the COVID-19 pandemic […]
The iPhone continues to reign as 87% of teens own one and 88% expect the iPhone to be their next mobile device [while] 34% own an Apple Watch […]
TikTok improved by 80 bps compared to spring 2023 as the favorite social platform among teens along with Snap Inc. ranking second and Instagram ranking third […]
Apple Pay ranked No. 1 for payment apps used within the last month at 42%; followed by Cash App at 27%
Beyond Apple tech, food and fashion were key priorities for the more prosperous teens.
For upper-income teens, food was the No. 1 wallet priority for male spending at 25% share, while clothing remains at the top of the female wallet share at 28%, down 260 bps vs. last fall ’22 when female clothing wallet share peaked at 30%
Disclaimers apply
Survey numbers can be counterintuitive. Provided that you have a truly representative sample, then surveying the views of 9,000 teens across the US is actually considered a large sample size. That is, even a very large increase in the number of people included would be unlikely to make much difference to the results.
However, that “representative sample” disclaimer does apply. Philip Elmer-DeWitt last year expressed his doubts that it’s truly representative.
My take: In its 21st year, this comprehensive survey continues to oversample North America’s well-heeled suburbs. It’s best for capturing trends.
I agreed then, citing the Apple Watch numbers as evidence – and this year’s 34% ownership seems even less likely to reflect the US teen population as a whole.
But yeah, if they can afford it, teens want iPhones and Apple Watches, for sure.
Photo: Clay Banks/Unsplash
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