Today’s teenagers are tomorrow’s adults. They spend their time engaging with many different products and services – this includes social media.
As the social media story continues to develop, platforms are not just facilitating connections, but e-commerce transactions too.
In this year’s teen survey by Piper Sandler, 31% of teens cited Snapchat as their favorite social media platform, followed by TikTok (30%) and Instagram (24%).
Potential Investment Implications
Social media platforms continue to evolve quickly, beginning to serve as a platform for commerce in the 21st century. Companies like Snapchat have leveraged their camera-centric experience to innovate in augmented reality, while Facebook invests heavily in Instagram Shops.
Today, 33% of teens hold a part-time job and many are engaging with these platforms frequently. It’s interesting to think of which are best positioned to not only retain and drive user engagement, but innovate to add value in other ways down the road.