Piper Sandler (NYSE: PIPR) has posted its 46th semi-annual survey of Teens across the United States. The survey can help glean emerging trends that can impact future economic activity and rising brands. Of course, Teens can be fickle, but today’s Teens are tomorrow’s adults.
When it comes to Fintech or financial services, Apple Pay (NASDAQ:AAPL) held the top spot for payment Apps used within the last month at 42%. Cash App took 2nd at 27%. Correspondingly, 87% of teens own an iPhone with 88% expecting an iPhone to be their next phone, and 34% owning an Apple Watch.
BNPL, or buy now pay later – a popular type of digital credit, saw PayPal (NASDAQ:PYPL) capturing the most activity, followed by Square’s Afterpay (Block – NYSE:SQ).
Squares Cash App ranked number one for peer-to-peer money transfers at 50%, followed by Venmo (part of PayPal) at 36%.
Piper Senior Research Analyst Edward Yruma said there has been a slowdown in Teen spending, and inflation is now top of mind (#2) for Teens regarding political/social issues – just behind the environment. This should be no surprise as poor policy has driven prices dramatically higher across the board, with wages lagging.
Piper’s Taking Stock With Teens survey is a semi-annual research project that receives input from over 9,000 teens with an average age of 15.7 years. The fall 2023 survey was conducted from September 4 to September 27.