87% of U.S. Teens Have iPhone, Apple Pay Ranks First in Payment Apps [Survey]

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Piper Sandler has announced the results of its 43rd semi-annual Generation Z survey of 7,100 U.S. teens.

The ‘Taking Stock With Teens – Spring 2022’ survey found that 87% of teens own an iPhone and 87% expect an iPhone to be their next phone. Additionally, 72% of teens already have AirPods.

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Apple Pay ranked as the most popular payment app; however, this is partly due to the high penetration of iPhone among teens surveyed.

Check out some of the other key findings below…

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Demographics & Spending:
● Our 43rd semi-annual Taking Stock With Teens survey was conducted between February 16 and March 22
● Regional responses were 45% in the South, 22% in the West, 21% in the Midwest and 12% in the Northeast
● 39% of teens hold a part-time job – up from 38% last fall and 33% in spring 2021
● Teen “self-reported” spending improved to $2,367 or +4% sequentially & 9% Y/Y; parent contribution was 60% vs 61% last fall
● Females lead increase in spending, with all female spend +9% Y/Y lead by clothing +15% and footwear +16%;
● Food returns to upper-income teens’ No. 1 wallet priority at 22% share, up from 21% in fall 2021 but down from 23% LY
● Teens allocate 7% of their shopping time to secondhand; 46% of teens have purchased & 56% have sold secondhand
● The core beauty wallet (cosmetics, skincare, fragrance) stood at $264/year, up 10% Y/Y and led by fragrance (+33% Y/Y)
● Skincare held the highest priority of spending in the beauty wallet at $107, followed by cosmetics at $94 and haircare at $90
● 60% of females read ingredients in beauty products. 88% would pay more for “clean” and 58% would pay more for “science-backed”
● For payment apps, Apple Pay ranked first, partly due to 87% of teens in the survey saying they have an iPhone
● PYPL’s Venmo ranked No. 2 (with the PayPal app No. 4) behind Apple Pay among payment apps used in the last month while SQ’s Cash App ranked No. 3
● For buy now pay later (BNPL), teens said they used PayPal “Pay in 4” most frequently, followed by SQ’s Afterpay
● Cash is the most penetrated payment method, with 89% teens saying they used cash in the past month vs 83% LY
● While 26% of teens own a VR device, just 5% use it daily. 48% of teens are either unsure or not interested in the Metaverse

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Brand & Preference Rankings:
● 53% of teens cite Amazon as their No. 1 favorite e-com site (-300 bps Y/Y); Importantly, Amazon decreased from 47% share to 35% Y/Y among upper-income females
● Nike is the No. 1 apparel brand for teens & LULU gains 300 bps Y/Y; Nike is the No. 1 footwear brand—up 400 bps Y/Y
● Athletic brands mindshare accounted for 44% of teens’ favorite apparel brand – the most ever in our survey by 300 bps
● Crocs increased from the No. 8 preferred footwear brand to No. 6 while Hey Dude is in the top 10 for two consecutive surveys
● Vans lost 400 bps of mindshare as a favorite footwear brand and 600 bps of share among upper-income teens
● e.l.f. rose to the No. 1 preferred makeup brand for all teens for the first time–-gaining 300 bps Y/Y and displacing Maybelline
● Ulta remained the No. 1 preferred beauty destination with 48% mindshare (46% LY) while Sephora remained at No. 2 and ceded 400 bps of share
● Olaplex was the No. 1 preferred haircare brand among females with 11% mindshare and 15% share among UI females
● Chick-Fil-A is No. 1 restaurant; Chipotle No. 3 gained 300 bps of share to 8% (vs. 5% LY); Starbucks remained No. 2 at 11% mindshare
● Teens’ interest in plant-based meat is slipping; 43% consume or are willing to try it, down from 49% in spring 2021
● 87% of teens own an iPhone and 87% expect an iPhone to be their next phone; 72% of teens already have AirPods
● Teens spend 30% of their daily video consumption on Netflix and YouTube (both 30%); HBO Max gained share
● TikTok is the favorite social media platform (33% share) surpassing Snapchat for the first time (31%); Instagram was again third (22%)
● Russia’s invasion of Ukraine was the most important political or social issue — combining gas prices and inflation results in 14% mindshare, enough to displace the Russian/Ukraine situation

You can request the full report from the link below…

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87% of U.S. Teens Have iPhone, Apple Pay Ranks First in Payment Apps [Survey]

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