Fastest-Growing Brands in 2023
The popularity of a brand and its revenue potential are not only directly proportional—they’re intricately linked. Understanding the landscape of top US brands, as well as those experiencing rapid growth, is crucial for ecommerce business owners seeking to enhance brand perception and stimulate sales.
Whether it’s artificial intelligence, social media, or beverages, the list of the 10 fastest-growing brands features brands hailing from vastly different sectors. Here’s a closer look at their performance.
Fastest-growing brands: October 2023 vs. January 2023
According to a recent survey on consumers’ purchasing preferences, ChatGPT currently ranks top on the list of the fastest-growing brands.
The study calculates this by comparing the shares of consumers who indicated they would consider purchasing from a brand in October 2023 and in January 2023 and taking the difference. This is even if consumers never moved past the consideration phase and actually purchased from the brand.
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Interestingly, ChatGPT's surge in popularity exhibits significant variance across different generations. While it secures top positions on Gen X’s and millennials’ lists of the 10 fastest-growing brands, its ranking drops to fifth place among Gen Z consumers, highlighting nuanced preferences among demographic cohorts.
Second on the ranking of the fastest-growing brands in 2023 is Starry, a lemon-lime-flavored soft drink produced by PepsiCo. Following closely is Zelle, a digital payment service anticipated to reach 73.2 million users by 2024. Like ChatGPT, Zelle’s rising popularity demonstrates marked variations in popularity across different generations. While it’s the fastest-growing brand among Gen X consumers, it features neither on millennials’ nor Gen Z’s lists.
Zelle is followed by Shein, a fast-fashion retailer, and Twisted Tea rounds out the five fastest-growing brands of 2023.
Number six on the ranking of the fastest-growing brands is Southwest Airlines. Next up is OpenAI, the artificial intelligence research organization responsible for top-ranked ChatGPT, attesting to the increasing prominence and popularity of AI-driven solutions.
The list continues with two prominent social media brands: Facebook and Instagram Reels. Their inclusion is a testament to the evolving landscape of connectivity and entertainment. Rounding out the list of the 10 fastest-growing brands is Coke Zero Sugar, marking the third beverage brand to make a significant impact on consumer preferences in 2023.