MINNEAPOLIS—A new survey highlights the growing importance of YouTube among younger viewers, with the Piper Sandler’s 46th semi-annual Taking Stock With Teens survey finding that teens spent 29.1% of their daily video consumption on on YouTube (+100 basis points vs. spring '23) beating out Netflix, which accounted for 28.7% of of their daily video consumption (-220 basis points vs. spring '23).
The survey was done in partnership with DECA.
The survey of 9,193 teens conducted from September 4 to September 27 also found that TikTok improved slightly as the favorite social platform (38% share) by 80 basis points (bps) vs. spring ‘23. SNAP was No. 2 with 28% share, followed by Instagram (23%).
Another key finding was a slowdown in teen spending amid economic concerns. The researchers reported that teen “self-reported” spending was down 1% Y/Y to $2,316 and that their data has not shown a spending decrease seen since before the COVID-19 pandemic.Inflation is now the number two social concern, coming in at 9% among teens.
“Our survey points to initial signs of a slowdown in teen spending. Inflation reached its highest mindshare in terms of political and social issues, right behind the environment,” said Edward Yruma, senior research analyst.
In the mobile arena, the iPhone continues to reign as 87% of teens own one and 88% expect the iPhone to be their next mobile device.
The survey also found that mobile devices remained the No. 1 preferred method for customer service interactions (50% share).
Other key findings include:
- e.l.f. Beauty, Inc. remains the top cosmetics brand, increasing 13 points Y/Y to 29% for female teens.
- Nike maintains its position as the number one favorite brand among teens in both apparel and footwear, with 35% and 61% mindshare respectively.
- Chick-fil-A, Inc. stays the highest ranked restaurant at 16% share.
- Inflation is now the number two social concern, coming in at 9% among teens.
- Males lead the spending increase as NIKE, Inc., lululemon athletica inc. and American Eagle Outfitters Inc. rank among the top clothing brands for teens. Female spending was down overall with specific decreases across apparel and shoes but counteracted with strength in accessories spending.
- The core beauty wallet (cosmetics, skincare and fragrance) stood at $324/year with cosmetics leading at +33% Y/Y. Sephora showed impressive gains as they surpass Ulta Beauty, Inc., becoming the number one preferred beauty shopping destination with a loyalty membership of 67%.
Piper Sandler Taking Stock With Teens survey is a semi-annual research project that gathers input from 9,193 teens with an average age of 15.7 years. Discretionary spending patterns, fashion trends, technology, and brand and media preferences are assessed through surveying a geographically diverse subset of high schools across the U.S. Since the project began in 2001, Piper Sandler has surveyed more than 248,283 teens and collected over 60.7 million data points on teen spending.
To view a full list of key findings and request the full survey report, visit here.
