The periodic report assessing teen trends produced by Piper Sandler has been distributed this past week. While skipping over digital payment preferences, as outlined in their previous report, the authors did address the crypto trends of teens.
The research surveyed 14,500 teens across the country with an average age of 15.8 years. The average household income was reported at around $66,497. The Gen Z report was completed between August 12 and September 23 of this year.
While most of the report is on spending habits and brand preferences, the report touches on cryptocurrencies and non-fungible tokens (NFTs). According to Piper Sandler, awareness of crypto is high.
- 75% of teens have heard of cryptocurrency, with 15% unaware of crypto
- 10% have purchased Bitcoin or another cryptocurrency
- The majority who had purchased crypto were males (81%)
Regarding NFTs:
- 55% have heard of NFTs, with 78% of males aware of these digital assets
- Only 5% have purchased an NFT, with 87% of purchasers being male
A significant hurdle for a younger person to purchase a cryptocurrency is obviously their age, and most likely, those who are purchasing digital assets are probably doing so with the help of a parent in setting up an account on Coinbase, Robinhood, etc.
The authors note they are interested to see how the NFT “craze” evolves over time. Market participants have already seen some of the NFT exuberance fizzle.
In the Spring report, digital payments were covered, which indicated that Apple Pay (NASDAQ:AAPL) topped Venmo (part of PayPal – NASDAQ:PYPL) as the top payment app. This is largely due to iPhones being the preferred smartphone for teens – a number that remains consistently high.
Perhaps Piper will re-visit digital payments this coming Spring.