More from the Piper Sandler Teen Survey – Nike(NKE); Chipotle (CMG) McDonald’s (MCD); Starbucks (SBUX) & Many More – April 13, 2024
Overall, self-reported teen spending fell 6% Y/Y while beauty rose to its largest wallet share level since 2018.
Among Consumer Internet Brands Covered (Besides Meta & Amazon):
- Pinterest is doing well with monthly usage rate rising from 35% to 36% Y/Y.
- Snap is struggling. Piper saw a “sharp engagement drop, which is one of the worst sequential results” it has ever seen.
- Roku remains the top CTV operating system and Spotify the top music streaming app. Trends are pretty stable for Roku, but share fell from 70% to 67% Y/Y for Spotify.
Among Apparel & Athletic Brands Covered (Besides Lulu):
- Nike is #1 for apparel, athletic apparel, footwear and athletic footwear, but is losing share across the board. In athletic footwear specifically, it lost a full 3.3 points of share since the fall 2023 report, with On Running, Hoka and New Balance claiming that piece of the pie. Piper Sandler thinks this is due to Nike’s “lagging innovation.” Skechers was called out as another brand that is performing very well.
- Under Armour, VF Corp (NorthFace and Vans) are struggling.
- Foot Locker is struggling.
Among Food & Beverage Brands Covered:
- Chipotle maintained its #3 overall restaurant spot, but lost more share to Chick-fil-A within the average income cohort.
- McDonald’s is top 5 in both food (#2) and drinks (#3).
- Texas Roadhouse cracked the top 5 for favorite restaurant brands as the only full-service player. It edged out Olive Garden and is top 5 for both upper and average income.
- Raising Cane’s cracked the top 5.
- Chick-fil-A (private) is tops across both genders and income brackets.
- Dunkin Donuts fell out of the top 5 for upper income teens.
- Starbucks is #1 across all income levels for beverages.
- Celsius has a 17% mindshare vs. its 11.5% U.S. market share, which points to more gains ahead.
- Clif Bar (owned by Mondelez) was the #1 brand overall in proportion of respondents planning to consume more of it.
- Beyond Meat is struggling with 22% of people willing to try it vs. 40% 3 years ago. I guess fake meats with ingredient labels that resemble science experiments were a fad. Shocker.
