Piper Sandler’s recent survey of 7,100 kids across the US found teenagers enjoy watching TikTok’s breakout stars.
TikTok has pushed Snapchat out of first place as the preferred social network among teenagers for the first time. The study also found Instagram is continuing to lose favour. This fall comes even though teens continue to spend approximately four hours a day on social media.
Teen’s spending increased 9% from a year ago to reach $2,367 per year, driven by women spending more on fashion. Fashion also played a crucial role in boosting digital purchases, with 95% of upper-income girls shopping online, as opposed to 91% of boys.
Though Amazon is still the top online shopping destination, it has fallen from 47% share to 35% among upper-income girls. Nike continues to be in the first position among apparel and footwear brands, while Converse pushes Vans out of second place.
[2 minute read]