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More than $264 billion is spent annually for products bought by and for teens in the United States. As a small business, understanding a demographic worth over a quarter of a trillion dollars can help you better address their needs. And for this group, Snapchat (NYSE:SNAP) is the most popular social media channel with 47 percent of teens using it — a growth of 12 percent year-over-year.
The 34th semi-annual Taking Stock With Teens research survey by Piper Jaffray Companies highlights the spending trends and brand preferences of 6,100 teens across 44 U.S. states. And amongst its finding is their preference for Snapchat.