Shoplus will present 2023 TikTok Consumer Value Insights from various industries' perspectives, providing insights into pricing and trends in industries such as Beauty and Personal Care, Hobbies and Collections, Women's Clothing and Lingerie, and Home Supplies throughout the year.
Consumers are starting to pay more attention to the personal meaning of a brand, rather than just its role in society, making the social and emotional values that a brand represents more crucial. Especially for long-established traditional brands, brand marketing can highlight brand heritage, utilize nostalgic storytelling, strengthen a trustworthy brand image, and establish deeper emotional connections with consumers.
Also, consumers tend to value the concept of 'value' and have diverse definitions of quality. Due to budget considerations, consumers will be more strict and weigh their consumption choices, balancing quality and cost. For example, attributes such as continuity, convenience, and national trendiness are important, but brands should focus on presenting the quality utility of the product to convey a sense of value to consumers.
In the beauty and personal care industry, products in the mid-to-low price range are well-matched with consumer price expectations. Especially products priced between $0-20, both businesses and consumers show enthusiasm, resulting in increased sales and demand. From August to present, the US market has seen a concentrated effort in the $0-20 price range in the beauty and personal care industry, which is highly favored by consumers and considered a competitive market.
TikTok shop seller have achieved outstanding results in the layout of women's clothing and lingerie priced between 0-20 and 101-200 USD, showing a high level of consumer enthusiasm.
In terms of the overall market in the second half of the year, the main selling price range for women's clothing on e-commerce platform in the US is highly concentrated in the 0-20 USD range. Low prices continue to be the main theme for high sales in women's clothing.
During Black Friday, the US market showed a high level of consumer enthusiasm for the sports and outdoor categories. Sub-categories such as sportswear, sports equipment, outdoor supplies, and fitness equipment have become extremely popular. Sales momentum for products in the low, medium, and high price ranges is strong, making it a dark horse track in the current US market.
The main focus of shopping efforts is on the low price range of 0-20 USD, but there are not many companies that are willing to invest and can provide ultimate cost-effectiveness. Contrary to market sentiment, the low price range currently has a certain market gap, which is worth "bargain hunting".
Since Q4 , sellers in the US market have shown moderate enthusiasm for mid-range products priced between 40-100 USD, but consumers have had the opposite reaction. Sales of mobile and digital products in the 60-100 USD price range have soared. Similarly, consumers have shown great enthusiasm for low-priced products below 20 USD and high-priced products above 100 USD. When it comes to digital products, consumers believe that "money is not a problem" even if they pursue low prices. As long as the products keep up with the times and maintain quality, consumers are still willing to pay for them.
The sales growth of various price ranges in hobbies and collections is optimistic, and sellers' judgments are perfectly in line with market demand. However, the price range of $0-20 is where sellers have the highest confidence, but consumers are not completely buying it. Sellers can adjust the number of low-end price products to avoid a situation of backlash.
Currently, the market enthusiasm for various price range products in the hobbies and collections category is high, but the overall sales proportion is not prominent. Entering the market means facing intense competition, so it is urgent to develop marketing and product selection strategies.
In the second half of the year, the Thai market saw a unanimous reduction in the supply of low-end products and a focus on the mid-to-high-end segment. Consumers showed strong enthusiasm for consumption within the price range of $61-200. Especially in the price range of $101-200, the return on investment for businesses can be described as significant. Contrary to market expectations, sales of products priced above $200 experienced a decline, while sales in the $21-60 price range, where supply was reduced, saw an upward trend. This indicates that consumers in the beauty and personal care category seek a balance between quality and price in their consumption choices.
In the women's clothing and lingerie market, the trend is very optimistic. Businesses increased their overall layout in this market, and consumers also performed well. At that time, businesses sensitively sensed the consumption trend in the high-end market and invested heavily in the price range of $61-200, which correctly predicted a huge sales bonus. In the price range above $200, businesses became more conservative in their layout, and the proportion of product investment decreased compared to the previous price ranges. However, consumer enthusiasm remained high, indicating that consumers in this market segment are guided by product quality. Businesses can boldly occupy the high-end market and focus on high-quality products.
Merchants choose to reduce the supply of low-end products in the second half of the year and shift towards mid-to-high-end products, especially in the $81-200 price range, where the number of products has increased significantly. However, the food and beverage track as a whole has shown weak growth in all price ranges. Compared to the trend of increasing product numbers, sales in the high-end range have gone against the trend, and sales of low-priced products have also plummeted, indicating a decline. Faced with food and beverage products that mostly follow a low-price route, merchants should seek steady progress in their strategies and avoid rashly changing their sales strategies.
Compared with the conservative reduction in product layout by merchants in the second half of the year, consumer demand for household daily necessities is still strong and the growth momentum is unabated. However, while being conservative, merchants still retain basic market sense. The price ranges with the smallest decrease in the number of products are $0-20 and $81-$200, which are the brightest performers in terms of sales growth in the second half of the year. It can be seen that household daily necessities are still an area worth paying attention to. In the case of overall reduction in product supply and a contrary increase in sales, merchants can maintain confidence in this track in the next quarter and readjust their price layout strategies to adapt to changes in market demand.
Merchants have a pessimistic outlook on the fashion accessories market in the second half of the year, with a significant decrease in the number of products in various price ranges. However, consumers' consumption attitudes show signs of positivity. In the mid-low price range ($21-80) and high price range ($200 and above), consumers demonstrate a clear willingness to consume. Especially in the low price range, consumers' demand for fashion accessories remains stable, indicating their purchasing power and consumption willingness. In the mid-high price range, consumers also show a high desire to purchase fashion accessories with high quality and unique designs. Although the market is experiencing a supply shortage, consumers' consumption attitudes in these price ranges provide some optimistic expectations for merchants.
The above are all the sharings of how to Sticky Customers in TikTok, which is not achieved in the short term, but to make strategy attract our customer. So accpet the above practical work advice, you also need to maintain persistence and patience. What is more, you can consider the data analysis of Shoplus, a free TikTok analytics tracker to help you realize your success quickly.