Investment bank Piper Sandler (NYSE: PIPR) has posted its 45th semi-annual report on Teen preferences, which can help glean which products and services are rising and which are on the wane. At the same time, teens can be fickle, as parents will explain.
The Taking Stock With Teens survey, in partnership with DECA, highlights preferences from 5,690 teens across 47 U.S. states with an average age of 16.2 years. The survey polled teens from February 13 to March 21 with the highest number of responses from the South at 43%, followed by the Midwest at 26%, the West at 22%, and the Northeast at 9%.
In general, TikTok remained the favorite teen app, with Instagram following in third. Amazon remained the top destination for shopping, which should come as no surprise.
As for Fintechs, Square’s (part of Block – NASDAQ:SQ) Cash App ranked number one as the most preferred peer-to-peer money transfer app at 41% of respondents versus PayPal’s (NASDAQ:PYPL) Venmo at 39%.
For immediate credit or buy now pay later (BNPL) services, PayPal “Pay in 4” is most frequently used, followed by Square’s Afterpay. Apple (NASDAQ:AAPL) recently released its BNPL product – Apple Pay Later – so it will be interesting to see if it makes Piper’s Fall survey.
Apple Pay took the top spot for payment apps used within the last month at 39%, followed by Cash App at 25%. Apple’s iPhone has long been the favored mobile devices for teens so this should come as no surprise. 87% of teens own an iPhone with 88% expecting an iPhone to be their next phone and 35% own an Apple Watch.