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Analysis of Consumer Trends: Top-Selling Products in 2023

GOOVER DAILY REPORT August 30, 2024
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TABLE OF CONTENTS

  1. Summary
  2. Growth in Living Products
  3. Emerging Trends in Health Products
  4. Automotive Market Insights
  5. Top-Selling Products on Amazon
  6. Conclusion

1. Summary

  • The report titled 'Analysis of Consumer Trends: Top-Selling Products in 2023' examines the primary consumer trends and top-selling products throughout the year. Focusing on categories with notable sales growth such as living products, health items, and automotive models, it presents an overview of market dynamics driven by post-pandemic consumer behavior. Key findings indicate a sixfold increase in the sales of scented candles and a surge in demand for diverse living products on e-commerce platforms. Health products, especially K-masks, saw a significant uptick due to increased health consciousness. In the automotive sector, the BMW X3 stood out as the top-selling model with 350,000 units sold, reflecting brand loyalty and consumer preference for established models. The report also identifies popular product categories such as Home & Kitchen and seasonal items on Amazon, where scented candles were among the top sellers.

2. Growth in Living Products

  • 2-1. Increase in Sales of Scented Candles

  • The sales of living products have reportedly increased more than sixfold, with scented candle products experiencing the highest demand in the past year. This surge in sales is attributed to customers spending more time at home due to the COVID-19 pandemic. The popularity of scented candles is an evident trend in consumer preferences, reflecting a demand for products that enhance home ambiance and comfort.

  • 2-2. Diverse Range of Living Products on E-commerce Platforms

  • The variety of living products available on e-commerce platforms has expanded significantly. Alongside scented candles, other popular items include 'Exfoliating Glove', 'Frying Pan Set', and 'Dress Perfume', as more Korean living product sellers have opened stores on platforms like Shopee. This diversification indicates a broader shift in consumer demand for living products that cater to personal lifestyle and home improvement.

3. Emerging Trends in Health Products

  • 3-1. Popularity of K-masks

  • The demand for health products, particularly K-masks, has significantly increased. Data indicates that K-masks have newly entered the 4th place in the list of popular K-products. This surge in demand has been attributed to a heightened awareness of health, driven by the long-lasting COVID-19 pandemic, as consumers have become increasingly concerned about personal health. The sales of K-masks alone increased more than four times.

  • 3-2. Increased sales of health supplements

  • The market for health supplements has also observed a remarkable uptick, with sales growing by more than four times. This increase is primarily due to growing consumer interest in health-related products amidst the ongoing impacts of the pandemic. Popular health supplements such as collagen and multivitamins are gaining traction among customers, reflecting a shift in consumer behavior towards prioritizing health and well-being.

4. Automotive Market Insights

  • 4-1. Sales performance of BMW X3

  • The BMW X3 was the brand's best-selling model in 2023, achieving significant sales figures despite being part of an aging generation. Specifically, the BMW X3 recorded a total of 350,000 sales during the year. This performance remains robust even as anticipation builds for the next-generation model, the 'G45.' Many buyers opted for the current model due to personal preferences, preferring the old infotainment system with physical buttons over the newer touchscreen designs.

  • 4-2. Impact of brand loyalty and consumer preference

  • The strong sales of the BMW X3 highlight the ongoing importance of brand loyalty and consumer preference in the automotive market. The continued preference for established models, like the X3, suggests that consumers often choose familiarity and trusted designs over waiting for the latest models. This trend underscores the deep-rooted loyalty that consumers have toward brands that consistently meet their expectations.

5. Top-Selling Products on Amazon

  • 5-1. High revenue from scented candles

  • In 2023, scented candles emerged as one of the best-selling products on Amazon. They recorded a monthly search volume of 32,000 and had approximately 10,000 listings on the platform. The average price per item was $19.14, generating an average revenue of $52,799.12. This surge in demand highlights the growing consumer preference for products that enhance home ambiance, particularly in the context of the pandemic.

  • 5-2. Popular categories: Home & Kitchen, Electronics, etc.

  • The best-selling categories on Amazon for 2023 included Home & Kitchen, Electronics, Clothing, Shoes & Jewelry, and Beauty & Personal Care. These categories represented a significant portion of consumer spending, with products ranging from practical home items to trendy electronics. The popularity of these categories reflects changing consumer preferences centered around convenience and lifestyle enhancement.

  • 5-3. Impact of seasonal and gift items

  • Seasonal and gift-related items had a major influence on sales in 2023. Amazon shoppers frequently searched for products connected to holidays and special occasions, underscoring a trend where gift items consistently appeared in the top-selling lists throughout the year. For example, during Q2 of 2023, gift items related to Father's Day and Mother's Day made the top 10 searches, indicating sustained consumer interest in gift-giving.

6. Conclusion

  • The report underscores a significant shift in consumer behavior in 2023 towards products that elevate home ambiance and personal well-being, influenced by the pandemic's prolonged impact. Scented candles, for instance, soared in demand, mirroring a preference for creating comfort at home. The popularity of K-masks reveals an increased focus on health and wellness among consumers. In the automotive sphere, the strong sales of the BMW X3 highlight the crucial role of brand loyalty and the consistent demand for familiar and reliable models. Moreover, seasonal and gift items on Amazon, such as those for holidays and special occasions, played a critical role in driving sales. While the findings provide valuable insights, the report also has its limitations, primarily in its reliance on sales data from specific platforms like Amazon and e-commerce sites, which may not represent the entire market. Future research should integrate broader datasets and consider emerging consumer trends post-pandemic to offer a more comprehensive analysis. Businesses can leverage these insights by aligning their strategies with consumer preferences, emphasizing products that enhance home life, cater to health needs, and tapping into seasonal trends to remain competitive in a dynamic market.

7. Glossary

  • 7-1. Scented Candles [Product]

  • Scented candles emerged as one of the top-selling products in 2023, particularly due to the increased time people spent at home during the COVID-19 pandemic. They significantly boosted sales in the Home & Kitchen category on Amazon, demonstrating the product's strong appeal in enhancing home ambiance.

  • 7-2. K-mask [Product]

  • K-mask, a health product, gained significant popularity in 2023, especially among consumers keen on protecting themselves amid the ongoing pandemic. The product's increased sales highlight a heightened public interest in health and wellness products.

  • 7-3. BMW X3 [Product]

  • The BMW X3 was the brand’s best-selling model in 2023, achieving 350,000 sales. It maintained its popularity among consumers, showcasing the sustained demand for well-established automotive models and the importance of brand loyalty.

8. Source Documents