Teen spending up 6% annually; Nike; Chick-Fil-A remain brand favorites

Teenagers now spend roughly $2,388 annually on themselves, according to the latest Piper Sandler survey.

Teens are continuing to spend on clothes, food, beauty and more, according to a new survey.

Investment bank Piper Sandler Companies’ latest Taking Stock With Teens survey revealed that teen “self-reported” spending was up 6% year-over-year this spring, reaching $2,388 annually. This is a 1% increase from the survey conducted last fall.

Nike remains the top brand in all footwear but continues to see mindshare erosion (49% share this spring vs. 60% on average in 2022-2023), driven especially by females, where share dipped to under 40%, first time since 2020. Male share also declined but is more stable at 57%.

After ranking as the No. 1 apparel brand for upper income females from fall 2021 to spring 2024, Lululemon has ranked No. 3 for the second survey in a row, taken over by Hollister (No. 1) and Brandy Melville (No. 2), shedding 4-points of mindshare year-over-year.

[READ MORE: Morningstar: Nike, Lululemon among firms with ‘very high’ exposure to new tariffs]

Ugg moved up the most in the footwear category (two spots with four points in share gains year-over-year), followed by On Running (two spots with one point in share gains year-over-year). Ugg has become the No. 1 fashion trend among upper income females, dethroning leggings/Lululemon, which held the top spot since spring 2018.