- Teens spend 37% of their daily video consumption on YouTube, just ahead of the 35% they spend viewing Netflix, according to a press release about Piper Jaffray's semiannual "Taking Stock With Teens" survey.
- Amazon remained the leader for favorite shopping sites, with 52% of teens saying it is their preferred shopping site (up from 50% last spring). Amazon ranked 13 times higher than Nike, the next site down on the list.
- Overall, teens reported they are spending 4% less compared with a year ago and 32% of teens believe the economy is getting worse, up from 25% last fall. The biggest wallet priority for teens remains food, which has a 23% share of wallet. Chick-fil-A has been the favorite restaurant for this group for the past four surveys.
Findings that teen spending is down and that worries about the economy are increasing could be a warning sign for retailers targeting this audience as we head in the crucial holiday shopping period. Generation Z contributes about $830 billion to U.S. retail sales each year, according to the Piper Jaffray report, highlighting the importance for marketers to reach this demographic.
Key takeaways for marketers looking to craft digital engagement strategies in the months ahead include the enduring appeal of YouTube for video while Instagram remained their top visited social media site, a place it has held for the last three surveys. IPhone ownership among this demographic remains at 83%, and some 86% of teens reported that they expect an iPhone to be their next phone.
In the apparel category, Nike held its post as the top clothing and footwear brand among teens, American Eagle rose to second place in clothing and Vans held strong in second place for shoe brands. Crocs gained the No. 7 position on the shoe preference list, representing a major climb.
Also of note in the study's data around beauty product consumption. Ulta held its leading position for beauty destinations for the second survey in a row, with 91% of female teens revealing that they prefer shopping for beauty products in-store vs. online. Still some 89% of female teens refer to online influencers to discover new beauty brands and trends. Kylie Jenner took second place on a list of the top influencers, the only beauty influencer in the top 10.
While this demographic is overwhelmingly spending their time online to search for new trends in makeup from influencers like Kylie Jenner, they are at the same time overwhelmingly going into retail stores to make purchases. This suggests that beauty marketers have an opportunity for cross-channel selling and could strategize potential ways to use Instagram to drive in store traffic, and to create in-store shopping experiences that tie in to influencer experiences.