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Amid rising concerns over inflation and its impact on the American economy, a recent report indicates that U.S. teenagers continue to prioritise their tech preferences, with Apple’s iPhone and Apple Watch leading the pack.
Piper Sandler, a prominent investment banking giant, has unveiled the findings of its biannual survey, aptly named “Taking Stock With Teens.” This extensive survey encompassed 9,193 teenagers from 49 states across the nation, with an average respondent age of 15.7 years, 9to5Mac reported.
Teens Buck Inflation Trends
In a surprising turn of events, as inflation bites into the wallets of many Americans, the nation’s teenagers appear to remain relatively unscathed in terms of spending habits. This study reports only a marginal 1% year-over-year decline in teen “self-reported” spending, averaging $2,316. This dip marks the first of its kind since the pre-COVID-19 era, highlighting the resilience of this particular demographic.
Apple Continues to Reign Supreme
Apple’s iconic iPhone remains the coveted possession of 87% of American teens, and an impressive 88% anticipate the iPhone to be their next mobile device. Furthermore, 34% of respondents already own an Apple Watch, solidifying the brand’s stronghold in the teen market.
The Digital Social Scene
In the realm of digital social interaction, TikTok has experienced an 80 basis point surge in popularity compared to spring 2023, securing its place as the favourite social platform among teenagers. Snap Inc. clinches second place, with Instagram following closely behind.
Apple Pay Dominates Digital Payments
Apple Pay emerges as the preferred digital payment app, with 42% of teens reporting its use within the last month. It is followed by Cash App, which holds a 27% share of the market.
Beyond Tech: Food and Fashion
For teenagers hailing from more affluent backgrounds, the survey reveals that food and fashion hold significant importance. Among male teens in this demographic, food commands the top spot, accounting for 25% of their spending. In contrast, clothing maintains its stronghold among female teens, representing 28% of their expenses. This figure has seen a minor decline of 260 basis points compared to the fall of 2022 when female clothing expenses peaked at 30%.
Disclaimers and Representativeness
While the numbers from this survey might seem surprising, experts emphasise the significance of a truly representative sample in drawing accurate conclusions. Surveying the opinions of 9,000 teenagers across the United States is considered a substantial sample size, and even a substantial increase in the sample size is unlikely to significantly alter the results. However, it’s crucial to note the “representative sample” disclaimer, as doubts have been expressed in the past regarding its accuracy.
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