TikTok and other social media apps are influencing teen spending following a year of record lows, a new survey suggests.While online shopping surged during the coronavirus pandemic, teens, in particular, are taking cues from social media apps to influence where they spend their money, according to the investment bank, Piper Sandler’s 41st semi-annual “Taking Stock With Teens” survey released Wednesday. TikTok and other social media apps are influencing teen spending online. (AP Photo/Kiichiro Sato)The survey polled 7,000 teens across 47 states, aged 16-on-average and found teens are on target to spend around $2,165 each this year, down 5% from a year earlier when the COVID-19 pandemic first hit, but up 1% from last fall. Teens have been buying from brands seen on Instagram, TikTok and Snapchat, such as affordable women’s apparel brands SHEIN, Revolve and Princess Polly. Amazon is still the No. 1 website frequented for purchases with 56% saying it’s their go-to site, analysts suggested in the survey.YOUTUBE’S TIKTOK RIVAL LAUNCHING U.S. BETA “In the wake of COVID-19 and given these consumers are digitally-native, we are not surprised to see online adoption at its highest ever this Spring. Snapchat & TikTok are the top-two social media platforms Erinn Murphy, Piper Sandler senior research analyst, said in the…
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TikTok, Instagram influencers motivating teen spending on clothing brands online
