Gen Z Spending Drops Off The Cliff

  • Self-reported teen spending has fallen 9% year over year and 5% since this past spring, to $2,150. That marks an all-time low in Piper Sandler’s semi-annual Generation Z survey, which the firm has conducted for some 20 years.
  • According to the survey results, 48% of teens believe the economy is getting worse, a slight increase from the spring and 16 percentage points more than last fall. Nearly a quarter of the cohort reported that COVID-19 had hurt their ability to find work. 
  • Along with a general decrease in spending by teens, Piper Sandler’s survey data points to category decreases as well. The firm found that spending on cosmetics by female teens is down 20%. At the same time, others are on the rise. Video games overall have gained a higher share of teen wallets, to 10%, an all-time high. 

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