Food continues to be teens’ top spending category, remaining at its 24% peak, according Piper Jaffray Companies’ semi-annual Taking Stock With Teens survey. Chick-fil-A is the No. 1 restaurant among the age group, followed By Starbucks, which remains the only publicly traded brand with double-digit mindshare,.
Piper Jaffray Companies’ survey highlighted discretionary spending trends and brand preferences amongst 8,600 teens across 47 U.S. states with an average age of 16. Generation Z contributes approximately $830 billion to U.S. retail sales annually, representing an influential consumer group who’s wallet size and allocation provide a proxy for category interest.
Other top restaurants included Chipotle, Mcdonald’s, Taco Bell, Dunkin’, and Olive Garden. Amazon hit a new peak share at the No. 1 preferred website for teens to purchase from. Forty-five percent of teens say brand is the most important in making a purchase, compared with 33% six years ago.
“Our fall survey showed overall teen spending as flat with the prior year. That said, teen spending continues to expand in categories like video games & food,” said Erinn Murphy, Piper Jaffray senior research analyst.
For the full story, go to this week’s Food Institute Report.
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