Teenagers are spending significantly less on beauty products, based on a new survey from Piper Jaffray.
Female teen beauty spending in fall 2019 dropped 20% from the same interval in 2018 to merely $106 per year, the bottom level in nine and a half years. Piper Jaffray observed that spending levels are 15% below the multi-year survey average of $124 a year.
Piper Jaffray’s 38th semi-annual teenage survey analyzed over 9000 responses across 42 states. The average age of respondents was 15.8 years old, with 54% being male, 45% female, and fewer than 2% identified non-binary.
Among the survey respondents, 91% of female teenagers indicated that they preferred to buy in-store for beauty products instead of buying online. Ulta continued its standing as the favorite beauty destination amongst female teenagers, with 38% compared to 34% in 2018. Sephora came in second place with 26%, down from 34% in 2018.
Skincare has been the most vital growth opportunity in the beauty field as of late. According to the NPD Group, skincare advanced 13% and added to 60% of the U.S. prestige beauty sector’s total gains in 2018. Though Piper Jaffray’s survey discovered that skincare spending amongst female teenagers fell 8% from 2018; the $104 per year spent on skincare was based on the multi-year survey average.