Global trends identified include growth in athleisure, Korean beauty brands, “quiet luxury” and pet care
Similarweb (NYSE:SMWB), a leading digital market intelligence company, published a flagship report Shaping the Market 2024: The Brands Defining Retail Trends, showing which brands are growing at a time of consumer caution and economic uncertainty – and what those brands are doing to distinguish themselves from the competition.
The overarching trend: economic uncertainty means consumers are increasingly focused on obtaining value for their money. In response, successful brands are enhancing transparency and aligning pricing with the perceived value and quality of their offerings.
Produced by Similarweb’s Insights team of analysts, the report covers four industries, with trending brands identified for each:
- Athleisure: How New Balance and Alo Yoga are capitalizing on the changing consumer wardrobe.
- K-Beauty: How Korean beauty products, with Anua and Mediheal as outstanding examples, are gaining global traction.
- Quiet Luxury: The appeal of understated elegance and subtle opulence with COS and Loro Piana.
- Pet Care: How Petlibro and PetLab Co are succeeding with premium, tailored solutions for pets.
For each of the trending brands, the report provides detailed digital metrics for how each of them excels – for example, loyalty metrics like exclusive visitors and returning visitors – and a “how they did it” analysis of the components of their success.
“Readers of this report will learn about the strongest trends that digital and omni channel retailers can capitalize on, with details on the brands that are showing how to execute on those trends,” said Marta Sulkiewicz, VP, Market Research at Similarweb. “Our goal is to help companies turn consumer and market insights into business results so they can win their markets. Digital market intelligence makes it possible to spot emerging trends before they go mainstream, understand competitor moves with greater precision, identify untapped markets by analyzing global consumer behavior, and better understand exactly what your audience wants. We hope that this free report will give business leaders inspiring examples and a taste of what's possible.”
The report is global, but it also includes regional detail and analysis of specific brands. For example, estimated metrics in the athleisure chapter indicate that UK brands collectively experienced a faster-than-average 5.1% year-over-year increase in traffic in the first half of 2024.
The Shaping the Market 2024: Brands Defining Retail Trends report is available for download as part of a series of reports on The State of Ecommerce 2024.
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