TL;DR
Chick-fil-A is the top favorite among teens with 16% of the vote, followed by McDonald's and Chipotle, according to a Piper Sandler survey. The survey also found that teen spending levels have dropped 6% in the past year.
A new survey about teens shows Chick-fil-A is a fan favorite. The data was gathered as part of the Take Stock with Teens survey that was released by investment band Piper Sandler, which conducts surveys twice a year. Chick-fil-A got 16% of the vote.
In addition, McDonald's claimed the second spot with 10% followed by Chipotle in third place with 9%. With 4%, Raising Cane's moved into the No. 4 spot for the first time in survey history.
As reported by Rieva Lesonsky at smallbusinesscurrents.com, the survey found that teen spending levels have dropped 6% in the past year, signaling potentially bad news for businesses that cater to teenage consumers. The survey found that teen girls are spending: 12% less on clothes 13% less on shoes 21% less on accessories The news wasn't all bad.
Piper Sandler reported that teens are turning their attention to emerging brands. Nike is still a top seller, but its share of the market has gotten smaller. New Balance is seeing more interest while Converse is losing ground.
Footwear brands on the rise include HOKA and On Running. In addition, spending on beauty products reached a six-year high, and at $339, it's up 8% since spring 2023. Most (85%) prefer to buy cosmetics in store rather than online.
In this story
This story was originally published by M. Scott Morris in Franchising.com on May 6, 2024. Burnaze summarizes and links to the original reporting.
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