Teens are making a distinct impact on the future of beauty with a major focus on digital presence and convenience. Piper Sandler Companies 50th semi-annual Taking Stock With Teens survey gives insight into how teens are spending their money and how beauty is on their radar.
Their impact is steadily increasing, with teens representing about 10% of the US consumer beauty market. However, according to the survey, the core beauty wallet declined 2% year-over-year to $336. e.l.f. Cosmetics continues to dominate as the number one cosmetics brand among teens, with Rare Beauty a distant second.
Sephora remains the number one favorite beauty shopping destination, followed by Ulta at number two.
This fall, teens self-reported annual spending dropped to $2,213, which is a 6% decline year-over-year and a 1% decline on average in the past 10 years.
This may reflect teens becoming more practical in their purchasing decisions, prioritizing products that genuinely work and fit into their day-to-day.
The survey showed that TikTok ranked number one for teens’ favorite app, with 46% reporting it as their top choice, followed by Instagram with 31% and Snapchat at 14%. With a strong preference for digital content, teens may be using social media to decide what is worth purchasing.
For teens, digital engagement stands at the forefront of their spending decisions. Building up trust in packaging, retail presence and a strong social media presence that accurately reflects product performance and brand values may help strengthen trust and encourage repeat purchases for this group.
