Piper Sandler surveyed the spending habits of 5,200 US teens with an average age of 16.2.
With more people going under lockdowns due to the spread of coronavirus, teenagers in the US have tightened their budgets. Self-reported spending for teenagers has reached the lowest levels since the fall of 2011, dropping 13% year-on-year and 4% sequentially from February 17 to March 27 this year.
Gen Zers budgets are now focused more on food items with a 25% share of their total spending dedicated to food. Video consumption remained a significant diversion for teenagers with 33% of daily consumption dedicated to Netflix, followed by YouTube at 31%.
Cosmetics spending among young women has also seen more than 26% year-on-year drop due to the lockdowns. But, Amazon remains the preferred e-commerce website for a majority of Gen Zers.
[3 minute read]