The following is excerpted from an online article posted by eMarketer.
Self-reported spending is down 6% among US teens (which includes Gen Alpha and Gen Z consumers), but they are still shelling out on beauty, according to Piper Sandler’s latest Taking Stock with Teens survey.
- Teen spending on beauty has reached its highest level since spring 2018, growing 8% YoY to reach $339 per person annually, per the survey.
- Cosmetics holds the majority share of total beauty spend, but fragrance shows the fastest growth at 23% YoY.
Discover the beauty: The majority (85%) of teens prefer to shop for beauty in-store, according to the survey. However, online sales of beauty products will grow at double the rate (12.0%) of physical sales (5.7%) in the US this year, according to our forecast.
The other shoe drops: Most teens slowed spending on footwear and athletic apparel purchases.
- Teen spending on footwear was down 1% YoY, though among teens in upper-income households, it was up 5%, per Piper Sandler, which considers $66,280 a year as the average household income.
The bottom line: Teens are not immune to inflation. The lipstick effect has buoyed beauty so far, but that may not be the case going forward. Brands who want to keep or grow their share of teen spend must understand how and where they shop and what motivates them to make a purchase.
Source: eMarketer
https://www.emarketer.com/content/teens-ramp-up-spending-on-beauty-pull-back-on-shoes-apparel
Source: Home Word
