The Piper Sandler Companies’ 50th semi-annual Talking Sock with Teens survey (fall 2025), conducted in partnership with DECA, has found that teens’ core wallet has declined by 2% year-over-year to $336.
- e.l.f. Cosmetics maintained its position as the No. 1 cosmetics brand among all female teens, gaining 1-point of mindshare sequentially, with Rare Beauty as distant second.
- Sephora remained the No. 1 favorite beauty shopping destination, gaining 2-points of mindshare sequentially. Ulta remained No.2, and Target appeared at No. 3 (in line with its historic trend).
Sephora's popularity comes as the retailer makes an over push for Gen Alpha shoppers.
“Piper Sandler is excited to highlight the results of our fall 2025 Teen Survey which offers an inside look at how thousands of U.S. teens are spending their money and its correlation to our economy. This fall, teens self-reported annual spending dropped to $2,213, which is a 6% decline year-over-year and a 1% decline on average in the past 10 years. On a positive note, looking at wallet share for the upper-income teen, clothing grew 1% year-over-year, driven by females, while footwear share held steady after a decline last spring,” said Anna Andreeva, managing director and senior research analyst at Piper Sandler.
![According to the Personal Care Products Council, 'Between 1990 and 2022, the [U.S.] personal care products industry generated a trade surplus every year, reaching $2.6 billion in 2022...'](https://img.cosmeticsandtoiletries.com/mindful/allured/workspaces/default/uploads/2025/08/adobestock-353393403.MryFiCWzOJ.jpg?auto=format%2Ccompress&fit=crop&h=191&q=70&w=340)