Piper Sandler just released the results of its 50th semi-annual survey of American teenagers—nearly 11,000 of them, across 47 states, with an average age of 15.7 years old.
The investment bank has been doing this for 25 years now, collecting more than 66 million data points about what teens buy, what they watch, who they admire, and how they spend their money. It’s become one of the most reliable snapshots of youth culture in America.
This fall’s results? Some of them will surprise you. Here are seven findings that stood out.
Their favorite celebrity is… Adam Sandler?
According to the survey, America’s teens rank Adam Sandler as their number one favorite celebrity. Not Taylor Swift. Not Billie Eilish. Not even any of the countless TikTok stars who seem to dominate youth culture.
Yes, Adam Sandler. The 59-year-old guy from Billy Madison and Happy Gilmore.
He beat out LeBron James (number two), Drake (number three), and Taylor Swift (number four). Ryan Reynolds rounded out the top five.
Now, to be fair, Sandler has had a bit of a renaissance lately with his Netflix specials and dramatic turns in films like Uncut Gems. But still, I take pride in realizing that the most-loved celebrity among people this age is older than I am.
What does this tell us? Maybe that authenticity matters.
Sandler has stayed remarkably consistent over three decades. He doesn’t seem to try too hard. He wears the same oversized basketball shorts everywhere. He’s goofy and self-deprecating and seems genuinely happy.
In an era of carefully curated Instagram lives and manufactured celebrity personas, maybe teens appreciate someone who just… is.
They’re spending less money—and they think the economy is terrible
Teen spending dropped 6 percent year-over-year to an average of $2,213 annually. That might not sound like a massive decline, but it’s part of a longer trend: teen spending is down 1 percent on average over the past decade.
More tellingly, 62 percent of surveyed teens said they think the economy is getting worse. Only 15 percent think it’s improving.
Notably, these aren’t kids from struggling households. The average household income for survey participants was $69,527—solidly middle class and above.
So what’s going on? Perhaps is that these teens grew up hearing about recessions, inflation, student debt crises, and housing markets their parents couldn’t afford. They came of age during a pandemic that shut down the world. They’re bombarded with economic anxiety on social media every single day.
It’s no wonder they’re pessimistic—even if their own personal circumstances aren’t dire.
A $6 mascara beat everyone else by a mile
In the beauty category, e.l.f. Cosmetics absolutely dominated with 36 percent of teens naming it their top cosmetics brand.
Rare Beauty came in second at 8 percent. Maybelline was third at 6 percent.
If people form brand affinities when they’re young, e.l.f. is an incredibly good place.
If you’re not familiar, this is a brand that sells $6 mascaras and $3 lip glosses. It’s the anti-luxury beauty brand—affordable, accessible, cruelty-free, and heavily promoted on TikTok by regular people, not just traditional influencers.
What does this say about Gen Z and maybe some of the oldest members of Gen Alpha? Perhaps it’s that they want quality and value. They’re skeptical of overpriced prestige brands. They trust peer reviews more than celebrity endorsements.
And they’ve figured out that you don’t need to spend $40 on mascara to look good.
TikTok is crushing it—but Instagram isn’t dead
TikTok ranked as the number one favorite app among teens with 46 percent, followed by Instagram at 31 percent and Snapchat at 14 percent.
Now, conventional wisdom says TikTok has completely replaced Instagram among young people. And yes, TikTok is clearly winning. But Instagram’s 31 percent share is nothing to sneeze at.
For context, that means nearly one in three teens still considers Instagram their favorite app—despite everything we hear about it being for “old people” now.
Meta isn’t out of this game yet. Not even close.
Netflix still wins the streaming wars among teens
Despite all the competition and password-sharing crackdowns, Netflix held onto its number one spot for daily video consumption with 30 percent of teens choosing it.
YouTube came in close behind at 27 percent. Disney+ was a distant third with just 7 percent.
What’s interesting here is what’s not on the list. No Hulu. No Max (formerly HBO Max). No Paramount+. No Peacock.
For all the streaming services trying to capture young audiences, it basically comes down to Netflix and YouTube. Everyone else is fighting for scraps.
Apple’s iPhone dominance is almost total
Here’s a statistic that should terrify Android manufacturers: 87 percent of surveyed teens own an iPhone.
Not “prefer iPhone over Android.” Not “would like to have an iPhone.” Actually own one.
And 17 percent of those iPhone owners said they’re planning to upgrade to the iPhone 17 this fall or winter.
Apple has essentially captured an entire generation. The iPhone isn’t just a phone to these kids—it’s a status symbol, a social necessity, and a gateway to their entire digital lives.
If you’re a parent trying to hold the line with an Android device, good luck. You’re fighting against the strongest brand loyalty in modern consumer history.
Chick-fil-A is undefeated
In the restaurant category, Chick-fil-A held onto its number one spot with 17 percent of teens naming it their favorite chain.
McDonald’s came in second at 11 percent. Chipotle was third at 10 percent.
This is remarkable when you consider all the controversy Chick-fil-A has faced over the years. But apparently, teens don’t care about any of that. They just want their chicken sandwiches and waffle fries.
What it all means
If you’re trying to understand Gen Z—whether as a parent, an employer, or a marketer—this survey offers some fascinating insights.
They value authenticity over perfection. They want quality at reasonable prices. They’re digitally native but still value human connection. They’re economically anxious even when their circumstances are relatively comfortable.
And above all, they’re not quite who you think they are.
Sometimes the most surprising data points tell us the most interesting stories.
The opinions expressed here by Inc.com columnists are their own, not those of Inc.com.
Bill Murphy Jr.
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