A brand new report says that the affect of inflation made solely a tiny dent within the spending of US teenagers, however that an iPhone and Apple Watch stay prime priorities.
Funding banking large Piper Sandler has shared the outcomes of its newest large-scale survey of the behaviors and plans of US youngsters …
The semi-annual survey is named Taking Inventory With Teenagers. The newest surveyed 9,193 teenagers throughout 49 US states, with the common age of respondents at 15.7 years.
Spending of US teenagers just about unchanged
Whereas inflation could also be hitting exhausting for some, it seems that teenagers – at the very least, these on this survey, of which extra in a second – have barely been affected.
Teen “self-reported” spending was down 1% Y/Y to $2,316. A spending lower has not been seen from this survey since earlier than the COVID-19 pandemic […]
The iPhone continues to reign as 87% of teenagers personal one and 88% count on the iPhone to be their subsequent cellular machine [while] 34% personal an Apple Watch […]
TikTok improved by 80 bps in comparison with spring 2023 as the favourite social platform amongst teenagers together with Snap Inc. rating second and Instagram rating third […]
Apple Pay ranked No. 1 for cost apps used throughout the final month at 42%; adopted by Money App at 27%
Past Apple tech, meals and vogue have been key priorities for the extra affluent teenagers.
For upper-income teenagers, meals was the No. 1 pockets precedence for male spending at 25% share, whereas clothes stays on the prime of the feminine pockets share at 28%, down 260 bps vs. final fall ’22 when feminine clothes pockets share peaked at 30%
Disclaimers apply
Survey numbers may be counterintuitive. Offered that you’ve a really consultant pattern, then surveying the views of 9,000 teenagers throughout the US is definitely thought-about a big pattern dimension. That’s, even a really massive enhance within the variety of folks included could be unlikely to make a lot distinction to the outcomes.
Nevertheless, that “consultant pattern” disclaimer does apply. Philip Elmer-DeWitt final 12 months expressed his doubts that it’s actually consultant.
My take: In its twenty first 12 months, this complete survey continues to oversample North America’s well-heeled suburbs. It’s greatest for capturing tendencies.
I agreed then, citing the Apple Watch numbers as proof – and this 12 months’s 34% possession appears even much less more likely to replicate the US teen inhabitants as a complete.
However yeah, if they will afford it, teenagers need iPhones and Apple Watches, for positive.
Picture: Clay Banks/Unsplash
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