Fastest-Growing Consumer Products in the US
One of the best ways to detect and leverage retail sales trends is to look at data on the fastest-growing consumer products to know which niches have the highest potential to perform. Here’s a breakdown of the fastest-growing consumer products in the United States.
Fastest-growing consumer products in 2023: top five
According to a recent study analyzing the fastest-growing consumer products in the US, products in the health and personal care sector experienced the biggest surge in retail sales in 2023. Total retail sales from these products grew by 9.1% in 2023, highlighting strong growth potential for businesses operating in this sector, be it as a brick-and-mortar store or online shop. If you’re thinking about starting a business in this industry, make sure to look into the top-selling beauty products, which is currently topped by personal and skin care items.
The second-fastest-growing retail category was apparel and accessories, with a year-over-year sales increase of 5.6%. Office equipment and supplies was the third-fastest-growing consumer products category, as retail sales rose 5.2% year over year in 2023.
→ Click Here to Launch Your Online Business with Shopify
This is followed by products related to food and beverages, whose total retail sales increased by 4.9%. It’s worth noting that in terms of ecommerce sales, food and beverage was the fastest-growing category, growing total online revenue by 24.3% in 2023. The impressive growth from the food and beverage category’s online sales sets new precedent, as such products have traditionally been brick-and-mortar purchases. Experts attribute the increase in digital sales of food and beverages to the COVID-19 pandemic, which they say has altered online shopping behavior among consumers in the long run.
Rounding out the five fastest-growing consumer products of 2023 is auto and parts. Sales in this category increased by 4.1%.
Fastest-growing consumer products in 2023: sixth to ninth
Sixth on the list of the fastest-growing consumer products are items related to books, music, and videos. Sales from this category grew by 3.4% in 2023. This is followed by toys and hobby, whose total retail sales rose by 3%. The computer and consumer electronics category ranks next, with a growth rate of 2%.
Furniture and home furnishings products wrap up the list of the fastest-growing consumer products in the US. Expert analysis shows overall sales from these items increased by 1.7% in 2023.