Piper Sandler Completes 49th Semi-Annual Taking Stock With Teens® Survey

Over 6,450 Generation Z U.S. Teens Surveyed

Piper Sandler Companies (NYSE: PIPR), a leading investment bank, completes its 49^th semi-annual Taking Stock With Teens® survey in partnership with DECA. The Piper Sandler equity research team now has more than 64 million data points around teen preferences and spending in the 24 plus years of researching teens. To see the full list of key findings, view the report summary and request the full survey report, visit pipersandler.com/teens.

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“Piper Sandler is excited to highlight the results of our spring 2025 Taking Stock With Teens® survey which offers an inside look at how thousands of U.S. teens are spending their money and its correlation to our economy. This spring, teens self-reported annual spending at $2,388, which is an increase from both our spring 2024 and fall 2024 surveys,” said Korinne Wolfmeyer, senior research analyst at Piper Sandler.

Clothing and footwear

Nike continues to reign as the top clothing brand for teens alongside Hollister who ranks number two and American Eagle at number three. In footwear, UGG has become the number one fashion trend among upper income females, dethroning lululemon who has held the top spot since spring 2018. Amazon remains the number one shopping website for upper income teens.

Beauty

The core beauty wallet reaches the highest level ever during the spring 2025 survey at $374. e.l.f. Cosmetics continues to dominate as the number one cosmetics brand among female teens. Sephora holds its spot as the number one favorite beauty shopping destination followed by Ulta at number two and Bath & Body Works at number three. This is the first time Bath & Body Works has ranked in the top 10 since 2018.

Technology and social media

Instagram remains the most used social media app with 87% monthly usage among teens. TikTok ranks number two at 79% and Snapchat number three at 72%. Netflix holds strong as the number one choice for daily video consumption. 88% of teens currently own an iPhone with 25% expecting to upgrade to an iPhone 17 this upcoming fall/winter.

Restaurants and food

Chick-fil-A holds strong in its number one spot as the preferred chain restaurant among teens while McDonald’s and Chipotle Mexican Grill rank number two and three. Teens continue to prefer energy drinks over coffee and soda as their source of energy. Dr. Pepper is the number one favorite beverage brand followed by Coca-Cola and Gatorade.

ABOUT PIPER SANDLER

Piper Sandler Companies (NYSE: PIPR) is a leading investment bank driven to help clients Realize the Power of Partnership®. Securities brokerage and investment banking services are offered in the U.S. through Piper Sandler & Co., member SIPC and NYSE; in the U.K. through Piper Sandler Ltd., authorized and regulated by the U.K. Financial Conduct Authority; in the EU through Aviditi Capital Advisors Europe GmbH, authorized and regulated by BaFin as a tied agent of AHP Capital Management GmbH; and in Hong Kong through Piper Sandler Hong Kong Limited, authorized and regulated by the Securities and Futures Commission. Alternative asset management and fixed income advisory services are offered through separately registered advisory affiliates.

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