SHAPING THE

MARKET 2O24

THE STATE OF
ECOMMERCE 2024:
DIGITAL TRENDS AND
STRATEGIES FOR
SUCCESS

Shaping The Market 2O24 | 1

TABLE OF CONTENTS

Global Summary 3-7

01 Beauty and Cosmetics 8-12

02 Marketplace 13-18

03 Consumer Electronics 19-23

04 Fashion and Apparel 24-29

05 Luxury and Jewelry 30-33

Looking Forward 34-38

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EXECUTIVE SUMMARY

Michelle Lang
Senior Insights Analyst

Amid a dynamic adjustment in consumer behavior, as the global economic landscape continues to
evolve, ecommerce growth has rebounded to a modest 1.4% year-over-year, following a period of
decline. This overall expansion is driven by varied performance across different categories, each
uniquely influenced by consumer behavior and global economic conditions.

Even as consumers continue to be cautious about their spending, the persistent appeal of fashion
and the priority placed on personal care continues to drive growth in their respective industries.
Both sectors, heavily influenced by social media and cultural trends, also provide affordable
indulgences for budget-conscious consumers.

The Luxury and Jewelry sector continues to be the fastest-growing category. In this case, high
inflation in some countries creates an opportunity as wealthier consumers boost their purchases.
The category also benefits greatly from the influence of pop culture, fueling consumer interest and
spending.

Marketplaces' extensive reach and diverse product offerings continue to attract a wide customer
base and have contributed to a slight category growth.

One industry that is not experiencing growth is Consumer Electronics. Shifting consumer
priorities, likely influenced by economic constraints, have led to reduced spending on electronic
goods.

Overall, the global ecommerce landscape continues to show resilience and the need for
adaptability in an ever-changing global market.

This report dives deeper into each category’s digital performance and opportunities, where we
highlight new markets worth exploring, product categories to double down on, or new trends
to jump into.

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KEY STATS

+1.4% YoY -2.1% YoY

Overall growth in visits to all Decline in the Consumer
ecommerce categories (desktop & Electronics category, the only
mobile web) industry with a drop in visits

+24% YoY 52%

Vietnam showed the highest Marketplace is the largest industry,
overall growth, mainly driven by making up over half of all visits to
Consumer Electronics and ecommerce categories
Marketplace

+16% YoY +142% YoY

Highest category growth Growth in searches related to 'quiet
observed in Luxury & Jewelry luxury'

+11% YoY +127% YoY

Growth in visits to the Beauty & Revenue growth for Korean Beauty
Cosmetics category brands on Amazon US, compared
to 27% for the overall Beauty and
Cosmetics category

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 Global Industry Overview

Traffic & Growth Matrix by Industry

Worldwide , Desktop & Mobile Web, May 2023 - Apr 2024 Traffic & YoY Growth

Leading
Traffic

Lagging Growth Improving

The last 12 months have shown some recovery in the online ecommerce sector with 1.4%
growth after a drop of 3% in visits in 2022 compared to the previous year. While not all
categories experienced growth, this uptick indicates a positive shift in market conditions
and a gradual rebound in online shopping.

The Marketplace category, which dominates the digital landscape with over 200 billion visits
in the past 12 months, remained steady compared to the previous year, showing a slight
increase of 0.8% in visits. Temu's launch and subsequent expansions have significantly
contributed to the category’s recovery, with the website experiencing an impressive 839%
year-over-year (YoY) increase in traffic, although it should be noted that their initial launch
in September 2022 was only in the US. In contrast, some of the biggest players, such as
Amazon and eBay, saw declines in their number of visits to their global websites of 2.6% and
3.1%, respectively.

Notably, the Luxury and Jewelry and Beauty and Cosmetics categories have continued to
grow. These are the only two categories that have consistently grown every year since
the pandemic, and in the past 12 months, they grew at a faster rate than that of the
previous year.

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Global Industry Overview

As economic challenges persist, consumers continue to seek small indulgences through

Beauty and Cosmetics products. With confidence in purchasing these items online
increasing, the category has experienced a 10.5% year-over-year growth in visits. The Luxury
and Jewelry category’s accelerated growth of nearly 16% YoY makes it the largest growth
category in this report. While trends and reasons for growth differ by country, high inflation,
often benefiting the wealthiest, may have positively influenced consumer demand in this
sector.

Fashion & Apparel is also seeing some slight growth of 1.3% in the past 12 months, meaning
that Consumer Electronics stands out as the only category continuing to decline, with a 2%
drop in traffic YoY. The COVID-19 pandemic initially boosted electronics purchases, but
shifting priorities have led to stagnation in this category since 2021.

Online Demand Change Across Industries,

Pre & Post-COVID
Worldwide, Desktop & Mobile Web, Jan 2020 - Jan
2024

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Global Outlook
Of the top 25 countries by visits across the industries listed, 15 of them saw growth with 10
seeing declines, suggestive of encouraging signs following declines experienced by the
majority in 2022. The top growth country is Vietnam with growth of +24.4% (17th in traffic
with 6.4B visits). Despite this growth for over half of the top 25, 70% of the top 10 saw
declines.

Ecommerce Traffic per Country

Beauty & Cosmetics, Fashion & Apparel, Consumer Electronics, Online Groceries, Luxury & Jewelry, Marketplaces,
Home & Garden Categories
Worldwide, Desktop & Mobile Web, May 2023 - Apr 2024

This suggests that the top markets have perhaps been hardest hit by inflation and may have
already reached something of a saturation point in the online ecommerce space following the
pandemic.

Asia and more developing economies like Mexico and Turkey can be seen as opportunity markets
for brands that wish to grow their operations.

One country that is noteworthy is Argentina: despite seeing inflation of 289% as of April 2024,
they have seen their visits to ecommerce industries grow by 1.6% to 3.0B visits. This suggests that
even in high-inflation environments, consumers are still turning to online shopping, potentially for
the convenience or wider selection of products. Brands with the right strategies could find these
markets ripe for growth.

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BEAUTY
AND
COSMETICS

HIGH GROWTH CATEGORY, BOOSTED BY COUNTRY WITH HIGHEST GROWTH:

SELF-CARE BEHAVIOURS AND A PAKISTAN
GROWING ONLINE DEMAND

+10.5%
+38.1%

YoY Growth | May 2023 - Apr 2024

WEBSITE WITH BIGGEST GROWTH: COUNTRY WITH HIGHEST TRAFFIC SHARE:

laurageller.com UNITED STATES

+138.7%

TRENDS:
20.1%
Growth of DTC players and Korean
beauty products

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Beauty and Cosmetics

The Beauty Industry continues to see substantial growth despite global economic
hardship. There are 2 factors at play here that are contributing to this:

The evolving nature of the Beauty industry in With inflation continuing to affect many
the online space means consumers are consumers' disposable income, they are using
becoming more comfortable with online self-care as a small indulgence over
purchasing in this category. potentially more expensive alternative
purchases - also known as the Lipstick Effect.

Overall, the category has seen growth of 10.5% over the last 12 months, surpassed only by
that of the Luxury industry (15.8%). In fact, all of the top 10 countries in terms of traffic share
have seen their visits grow YoY albeit marginally in the case of France and Poland. Of the top
100 countries with respect to share, only 7 of them saw declining traffic with China being the
most notable name experiencing a decline of 30% YoY.

Top 10 Countries for the Beauty and Cosmetics Industry by Total Traffic Share
Desktop & Mobile Web, May 2022 - Apr 2023 vs. May 2023 - Apr 2024

● The largest market in share, the US, observed growth of almost 7%, an increase
from 2023's growth of 4% on 2022
● Japan’s growth of 3% YoY means its visits increase to 2.8B but is still below its
2023 visits of 2.9B which in itself was a decline on the previous year of 2%
● Germany’s growth sees them move up a few places in the top 10 and looks poised
to overtake the UK should this growth continue
● Canada has seen an explosion in growth of 22% YoY in the Beauty category,
earning them the final spot in the top 10

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Opportunities in the Fastest Growing Markets

Despite the top 10 all seeing growth, the largest growth rates come from more developing
nations where the room to grow the category remains much larger and new generations
begin to utilize ecommerce more and more.

Pakistan has seen YoY growth of over 38% following initiatives implemented by the Pakistani
government to improve the ecommerce sector within the country as a whole (leading them
to see total ecommerce traffic growth of 8.3% over the last year). Additionally, the younger
generations are becoming more invested in personal care as a whole as a result of social
media influence bringing trends from around the world to all.

The top 10 countries for growth include 4 countries classified as developing by the OECD in
addition to Pakistan: Mexico (30%), Turkey (26%), Indonesia (26%), Ukraine (14%).

The continued conflict between Ukraine and Russia sees Russia with growth of 23% vs. their
leading overall ecommerce growth of 10%, highlighting the Lipstick Effect even further.

Top 10 Countries for the Beauty and Cosmetics Industry by Total Traffic Growth
Desktop & Mobile Web, May 2022 - Apr 2023 vs. May 2023 - Apr 2024

*Inflation for March 23

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Trends from the Fastest Growing Players
Top 10 Websites in the Beauty and Cosmetics Industry by Total Traffic Growth
Desktop & Mobile Web, May 2022 - Apr 2023 vs. May 2023 - Apr 2024

Aided by the increasing popularity of Korean culture - think K-Pop,

Korean cinema and dramas - Korean beauty products have taken
the world by storm. Both oliveyoung.com and stylevana.com,
specializing in K-Beauty, have seen substantial worldwide growth.
K-Beauty advocates a meticulous approach - cleansers, toners,
K-Beauty's glow essences, serums, sheet masks, and moisturizers - all formulated with
up worldwide specific functions, working together in a holistic way to address
individual skin concerns. Social media opens this process up to the
masses, both seeing and hearing real-world testimonies from users has
fostered a strong sense of community and trust among consumers
worldwide. Additionally, there is a strong focus on innovative ingredients
- such as snail mucin - that some consumers may feel means a lesser
environmental impact and as such be more drawn to the products.

Traditional beauty brands often cater to a broad audience with

generic products. DTC brands, in contrast, leverage direct consumer
interaction and develop targeted solutions for specific skin concerns
and preferences as is the case for the largest growth website,
DTC laurageller.com, who specializes in products for a more mature
revolutionizes audience. This direct connection goes beyond just the audience that
the products are tailored for but also addressing the individual
beauty with
concerns of users. In particular, 2 of the top websites have looked to
direct mitigate environmental impact in the case of both spoiledchild.com
connection (focused on ensuring sustainability through recycling packaging and
refillable products) and lush.com (taking a natural-first approach,
handmade, vegetarian and cruelty-free products). These actions foster
a community culture and strengthens brand loyalty, creating a deeper
connection with customers.

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K-Beauty Brands Taking the US By Storm

Units Sold, Revenue, Product Views - YoY Change On Amazon - US

Desktop, Mobile Web & Mobile App, May 2022 - Apr 2023 vs. May 2023 - Apr 2024

On Amazon US, Korean Beauty has

skyrocketed in popularity, significantly
outpacing the overall Beauty category's
year-over-year growth. This surge in
consumer interest extends beyond browsing
– sales are converting at a higher rate than
product views. While research is clearly on
the rise, Korean Beauty is translating that
interest into strong sales figures.

An emphasis on natural ingredients is becoming more important among consumers. At least half of the
fastest-growing brands focus on this: ANUA, KAHI, SKIN1004, Sooryehan, and Abib. Another key feature
among the fastest-growing players is a focus on gentle, soothing products that can be used on even
the most sensitive skin.

Top Korean Beauty Brands by YoY Change In Units Sold On Amazon - US

Desktop, Mobile Web & Mobile App, May 2022 - Apr 2023 vs. May 2023 - Apr 2024

ANUA has soared to become a favorite

among skincare enthusiasts. Their
minimalist approach features natural formulas
that combine familiar ingredients with Korean
botanicals. The Heartleaf line, particularly
known for its soothing properties, has
become a huge hit. Multiple skincare
influencers on TikTok have showcased ANUA
products, generating millions of views and
driving the brand's popularity.

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MARKETPLACE

SEEING MARGINAL GROWTH PERHAPS COUNTRY WITH HIGHEST GROWTH:

DUE TO SATURATION BUT STILL SOME VIETNAM
AREAS OF OPPORTUNITY

+0.8%
+12%

YoY Growth | May 2023 - Apr 2024

WEBSITE WITH BIGGEST GROWTH: COUNTRY WITH HIGHEST TRAFFIC SHARE:

temu.com UNITED STATES

+838.5%

TRENDS:
24.2%
Ultra-low cost retail, competition
between Asian retailers

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Marketplace

Globally, the Marketplace category has seen marginal growth of 0.8% YoY, below that of
many other industries as rising inflation proves to be affecting the mature ecommerce
industry as a whole.

Perhaps it is unsurprising then that 6 out of the 10 top markets by visits for this category
have seen declines with India in particular seeing a drop of over 10% YoY.

Notably, the largest country by visits - the US - has also seen a mild decline of 1.3%. There
are likely a couple of factors in addition to inflation that are contributing to this; a
resurgence in physical shopping after the dramatic rises in ecommerce following the
pandemic and the increased usage of D2C players as consumers go direct, seeking a more
curated selection from specific brands and a brand-specific experience, bypassing the
multi-brand Marketplace model.

Top 10 Countries for the Marketplace Industry by Total Traffic Share

Desktop & Mobile Web, May 2022 - Apr 2023 vs. May 2023 - Apr 2024

● Overall traffic to the Marketplace industry is on a path to slight recovery since

2023 where a 5% drop was seen on 2022
● India’s decline has seen them drop 2 ranks to 8th, below the UK and Germany
despite both these markets also seeing declines YoY
● The US continues to be Marketplaces’ biggest market in terms of traffic and
makes up over 24% of global traffic, actually marginally increasing its traffic share
despite the 1.3% decline
● 9 of the top 10 are the same as in 2023, however, Canada is now the tenth biggest
country in the category, boasting 2.4% of the overall share after a 3.5% increase

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Opportunities in the Fastest Growing Markets

Opportunity appears to be in more developing nations despite a few names making the
top 10 for both growth and size - Russia, China, and Japan.
Vietnam is a country of note and has seen growth in excess of 12% YoY with this growth
being attributed to a few factors.

Firstly, their population is highly rural with 65% of their total population living in rural areas.
This makes ecommerce a more attractive option particularly as logistics improve in order to
purchase products that perhaps consumers are unable to find locally.

Secondly, their younger generation is extremely tech-savvy and comfortable with online
interactions compared to their parents and this is fueling the adoption of ecommerce in
general.

Additionally, the lack of space in much of Vietnam’s built-up areas means that ecommerce is
a much more viable business model for both new and existing businesses and as such is
being utilized more frequently than ever before. In fact, McKinsey has forecast that
Vietnam’s ecommerce market could be as big as traditional retail as soon as 2025.

Top 10 Countries for the Marketplace Industry by Total Traffic Growth

Desktop & Mobile Web, May 2022 - Apr 2023 vs. May 2023 - Apr 2024

● Russia’s leading growth of 12% follows suit with their overall ecommerce growth,
seeing visits increase as the ecommerce landscape within the country continues to
bounce back following dramatic declines stemming from the war in Ukraine
● 3 EU countries - Netherlands, Italy, and France - all make the top 10, despite the UK
and Germany experiencing declines
● The Americas have 3 countries showing promise - Canada as previously highlighted,
Mexico is seeing growth of almost 6% and Colombia’s growth exceeds 3%
● Japan rounds off the top 10 with the largest traffic share of the 10 also seeing
decent growth of almost 3%

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Trends from the Fastest Growing Players

Top 10 Websites in the Marketplace Industry by Total Traffic Growth

Desktop & Mobile Web, May 2022 - Apr 2023 vs. May 2023 - Apr 2024

Temu of course has seen the largest overall growth in the last 12 months,
Temu’s growing 839% over the last 12 months to 4.3B visits globally, making it the
5th largest Marketplace platform worldwide. After its initial launch in the US in
growth is hard September 2022, they have gone from strength to strength, launching in
to ignore Australia and New Zealand in March 2023; European markets and the UK the
following month and most recently in South Africa in January 2024, taking the
number of countries they currently operate within to 49.

Another Chinese giant - AliExpress - has seen growth of 10% YoY to 5.6B
visits globally. AliExpress has seen a surge in activity over the past year,
driven by a confluence of factors. With inflation impacting budgets, AliExpress'
reputation for competitive prices attracts value-seeking shoppers. They have
also expanded their product range beyond electronics to include trendy
fashion, homeware, and more, becoming a one-stop shop. While it's difficult to
isolate the exact influence, the rise of Temu appears to have contributed to
AliExpress' increased visibility.
Asian players
react to As Temu’s influence rapidly grows, those who operate in markets where Temu
this success has yet to break into are watching with eager eyes and making moves to protect
their dominance. Shopee makes several appearances on the list - the
Indonesian, Vietnamese, and Thai domains specifically - and is currently the
largest Southeast Asian ecommerce platform.

Where Shopee operates differently is in the breadth of products that it offers.

While offering products at ultra-low costs comparable to Temu, they also sell
used goods like mobile phones, offer groceries, and a range of branded
products. This is giving it the edge currently, but it remains to be seen how long
they might be able to hold the Chinese giants off.

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Temu vs. AliExpress: Showdown on the Silk Road

In the first two months after Temu’s initial launch in the US, AliExpress experienced some of
its biggest YoY declines in monthly traffic. However, as Temu continued to increase their
global presence, AliExpress has recovered and has had continuous growth since February
2023. As mentioned previously, Temu’s presence looks to have actually benefited AliExpress,
especially as their target audiences seem to differ in terms of age group.

Aliexpress.com Monthly Visits YoY Change

Desktop & Mobile Web, May 2022 - Apr 2024

Temu's ultra-low prices attract Baby Boomers and Gen X, while younger shoppers,
particularly Gen Z, remain more cautious. Nearly half of AliExpress visitors (48%) are 34
years or younger, while this group only represents a third of Temu’s audience (33%).

Age Group Breakdown Social Media Traffic

Desktop & Mobile Web, May 2023 - Apr 2024 Desktop, May 2023 - Apr 2024

Temu’s marketing strategy appears to be the reason behind this customer demographic
difference. While AliExpress focuses on YouTube, popular with younger audiences, 74% of
Temu's social media traffic comes from Facebook, a platform with a higher concentration
of older audiences.

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Mobile First: Capitalizing on App Growth as Web Traffic Wanes

Although web traffic to leading marketplaces in the UK and Germany has declined YoY,
app usage has seen an increase. In France, app usage for top marketplaces has surged at
a rate four times faster than website traffic. This trend highlights a significant
opportunity for companies to prioritize expanding their app user bases. By leveraging
apps, companies can gain deeper insights into customer behavior and execute more
effective targeted marketing strategies.

While Temu's launch in Europe and UK in April 2023 significantly impacted all markets, the
substantial growth in app usage in France was also driven by other brands. Discount retailer
Action, one of the country's largest marketplaces, launched its app in October 2022 and has
seen continuous growth since then. The app reached over 600,000 sessions within a month
of its launch and grew to 1.02 million sessions by April 2024. Other low-price-focused
marketplaces also experienced notable year-over-year growth in app usage, including
Decathlon (+32%) and LightInTheBox (+26%).

Consumer loyalty towards low-cost marketplaces seems to be strengthened in other

markets as well, as shoppers go through personalized shopping experiences offered by their
apps. In the US, Costco's app sessions grew by 18%. In the UK, AliExpress saw a 7% increase in
app sessions, while in Germany, Lidl and AliExpress experienced growth of 21% and 14%,
respectively.

Web Traffic and App Sessions - YoY Change - Top 10 Marketplace Websites and their Apps
Desktop , Mobile Web & Android May 2022 - Apr 2023 vs. May 2023 - Apr 2024

Shaping The Market 2O24 | 18

CONSUMER
ELECTRONICS

DECLINING CATEGORY AS INFLATION COUNTRY WITH HIGHEST GROWTH:

CAUSES SOME CONSUMERS TO REDUCE VIETNAM
BIG TICKET PURCHASES

-2.1%
+35.3%

YoY Growth | May 2023 - Apr 2024

WEBSITE WITH BIGGEST GROWTH: COUNTRY WITH HIGHEST TRAFFIC SHARE:

dienmaycholon.vn INDIA

+63.8%

TRENDS:
15.8%
Asian market opportunities, DTC
brand offerings evolving

Shaping The Market 2O24 | 19

Consumer Electronics

The Consumer Electronics category has seen a decline of 2.1% YoY, owing to inflation
causing many consumers to think twice about big-ticket items and cut back on
non-essential purchases.

India, the largest country by visits, has seen a dramatic decline of over 10%, followed closely
by the United States, the second largest by visits, which has seen a decline of nearly 7%.

While these declines are attributable to inflation, there is also a growing environmental
concern contributing to these declines. Consumers are aware of the impact of these
purchases on the environment and are perhaps waiting to upgrade devices or opting to
repair them instead of buying new ones.

Top 10 Countries for the Consumer Electronics Industry by Total Traffic Share
Desktop & Mobile Web, May 2022 - Apr 2023 vs. May 2023 - Apr 2024

● Overall traffic to the industry has continued to decline following a 1% decline in

2023 compared to the previous year
● Vietnam’s growth has seen it leapfrog Japan to 3rd place in terms of share, with
7.2%
● China’s growth has allowed it to overtake Russia
● The UK has now dropped out of the top 10 by share and has been replaced by
France after declining by 4%, even though France also experienced a decline of
more than 1%.

Shaping The Market 2O24 | 20

Opportunities in the Fastest Growing Markets

Market opportunities appear to be in Asian markets, with only 3 of the top 10 growth
markets from outside this region.

Vietnam’s growth can be explained similarly to its growth in the Marketplaces category, with
Vietnamese retailers accounting for 2 of the top 10 largest growth websites in the category.

China's Consumer Electronics market continues to boom, ranking third globally with an
impressive 11% YoY growth. This surge is partly due to foreign brands like Samsung, which
previously neglected the market due to regional preferences, starting to prioritize growth in
China. Historically, Samsung, the number 2 global leader in smartphones behind Apple, lagged
in China, where Apple and local brands like Huawei and Xiaomi reigned supreme. However, this
seems to be changing. Recognizing a lucrative opportunity, Samsung upped its game in China
with the release of the Galaxy S24 earlier this year and partnered with Chinese tech company
Baidu to provide AI features versus Google's inclusion in other markets. This strategic move has
yielded impressive results, with samsung.com.cn experiencing a staggering 267% growth in
visits over the last year, reaching 196.3 million visits.

Top 10 Countries for the Consumer Electronics Industry by Total Traffic Growth
Desktop & Mobile Web, May 2022 - Apr 2023 vs. May 2023 - Apr 2024

Monthly Visits - Samsung.com.cn

Desktop & Mobile Web, May 2022 - Apr 2024

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Trends from the Fastest Growing Players

Top 10 Websites in the Consumer Electronics Industry by Total Traffic Growth

Desktop & Mobile Web, May 2022 - Apr 2023 vs. May 2023 - Apr 2024

As brands evolve their direct offerings, more consumers are going directly
to brand websites to make their purchases instead of using the more
traditional multi-brand retailers they might have frequented in the past.
Sixty percent of the top 10 growing websites are DTC brands that are continuing
to grow their DTC presence. This allows them to lead a more direct relationship
with their customers and have higher control over price points and offers, such
DTC reigns as Casio, which has seen a 19.5% YoY growth globally for their website.

supreme OnePlus is another example of the rise of DTC websites, with a 14% YoY growth.
A common trend for consumers looking to purchase a smartphone is through
their carriers. OnePlus, however, has moved away from these partnerships in the
hope of personalizing the experience and giving their customers a feeling of
exclusivity. Additionally, their latest smartphones offer features comparable to
or better than Apple and Samsung premium models but at lower prices. As
consumers look for better deals without compromising on quality, this is one of
OnePlus’ main advantages.

Continued security and privacy concerns have prompted consumers to

Consumers invest in smart security systems like Ring. As internet penetration continues
get smart on to grow in developing nations and younger, more tech-savvy generations start
to become the predominant consumers, these smart home devices will only
security continue to see growth moving forward.

Shaping The Market 2O24 | 22

Vietnam: Young Consumers with Evolving Online
Preferences

Younger consumers
As noted earlier, Vietnam's younger generations are driving growth in various sectors, including
Marketplaces and Consumer Electronics. More than a quarter of visitors to consumer
electronics websites in Vietnam are 24 years old or younger, compared to just 18% globally.
Additionally, the proportion of women consumers in this category is higher in Vietnam,
constituting 44% of all visitors, compared to 38% worldwide.

Age and Gender Distribution in the Consumer Electronics Industry

Desktop & Mobile Web, May 2023 - Apr 2024

Low loyalty
According to a study by McKinsey, 90% of Vietnamese consumers reported having switched
brands or stores in the previous three months. As seen in our data, Vietnamese consumers
tend to shop around more than the global average consumer within the Consumer
Electronics category. Globally, 20% of monthly visitors browse only one site in the category,
while the rate is only 7% in Vietnam.

Adding to this, consumers are increasingly browsing for the best deals and the best products
to meet their needs, regardless of the brand. Eighty percent of the top fastest-growing
websites are multi-brand retailers, a higher proportion than the global industry.

Audience Loyalty in the Industry - Vietnam Top Websites by YoY Traffic Growth - Vietnam
Desktop, May 2023 - Apr 2024 Desktop And Mobile Web, May 2023 - Apr 2024

Shaping The Market 2O24 | 23

FASHION AND
APPAREL

STEADY CATEGORY HIGHLY SHAPED BY COUNTRY WITH HIGHEST GROWTH:

GLOBAL AND LOCAL CULTURAL AND ARGENTINA
CURRENT TRENDS

+1.3%
+20.0%

YoY Growth | May 2023 - Apr 2024

WEBSITE WITH BIGGEST GROWTH: COUNTRY WITH HIGHEST TRAFFIC SHARE:

vinted.co.uk UNITED STATES

+80.2%

TRENDS:
25.6%
Pre-owned, K-culture, celebrities /
influencers partnerships

Shaping The Market 2O24 | 24

Fashion and Apparel

The Fashion and Apparel category has remained steady with slight worldwide growth YoY
of 1.3%. However, it seems that emerging markets boast the biggest opportunities, with
80% of the largest markets showing signs of saturation and experiencing a decline in the
number of visits YoY.

Top players in the Fashion & Apparel industry must respond quickly to local and global
cultural trends. As is evident from the data, environmental awareness, economic concerns,
and popular and local culture have a high impact on the evolution of the category.

Top 10 Countries for the Fashion And Apparel Industry by Total Traffic Share
Desktop & Mobile Web, May 2022 - Apr 2023 vs. May 2023 - Apr 2024

● Nine out of the top ten countries by total traffic have remained consistent with
the trends observed in 2022. However, most of these countries are experiencing a
gradual decline in the number of visits YoY
● The exception to this trend is Japan, which has emerged as one of the
fastest-growing countries in the industry
● The US continues to be Fashion & Apparel’s biggest market in terms of traffic and
makes up over 25% of global traffic
● Canada is now the tenth biggest country in the category, while it only holds 2.6%
of global traffic, it is still experiencing steady growth

Shaping The Market 2O24 | 25

Opportunities in the Fastest Growing Markets

Top 10 Countries for the Fashion And Apparel Industry by Total Traffic Growth
Desktop & Mobile Web, May 2022 - Apr 2023 vs. May 2023 - Apr 2024

● Despite high inflation, Argentina is the fastest-growing country in Fashion &

Apparel, with an increase of 20% YoY
● Russia is the second fastest-growing country for Fashion & Apparel, with 17.7% YoY
growth. With the war in Russia, international brands are not as widely available,
which has likely contributed to this growth
● The influence of K-culture is also seen in this category, with South Korea’s demand
for Fashion & Apparel growing by 14.2% YoY
● Mexico, with a YoY growth of 11.2%, is categorized as upper-middle-income while
still showing growth in internet penetration, key elements likely driving this growth

Shaping The Market 2O24 | 26

Trends from the Fastest Growing Players

Top 10 Websites in the Fashion And Apparel Industry By Total Traffic Growth
Desktop & Mobile Web, May 2022 - Apr 2023 vs. May 2023 - Apr 2024

Pre-owned continues to grow

As consumers become more aware of fashion's environmental impact and as challenging economic
conditions persist, demand for pre-owned apparel has continued to grow. Vinted, with an impressive 80% YoY
growth, followed by Depop with a 40% growth, are at the forefront, ranking at the top of the fastest-growing
websites in the industry.

The influence of pop culture

Skims: The brand's growth is fueled not only by founder Kim Kardashian's popularity but also
by its multiple campaigns featuring top celebrities like pop star Sabrina Carpenter and
podcasting powerhouse Alex Cooper.

Musinsa: The Korean fashion retailer is benefiting from the global popularity of K-culture. The
brand's site is growing at a rate of 33% year-over-year globally, and in the US, it has seen a
remarkable growth of nearly 250%.

Free People: This brand has been key in driving growth for its parent company, URBN, in recent
months. High-profile celebrities like Taylor Swift and Hailey Bieber are frequently seen wearing
Free People, boosting its popularity.

Fabletics: Founded by Kate Hudson, the brand leverages long-term collaborations with
influencers and consistently partners with celebrities like Kevin Hart and Khloe Kardashian to
represent the brand.

Shaping The Market 2O24 | 27

 Sportswear and DTC in the Argentinian Market

Argentina’s fast-growing is dominated by sports brands and retailers, with the top 8
biggest websites operating within this space and capturing over 40% of visits to the
industry.

Nike, the second-largest website in Fashion & Apparel in Argentina over the last 12 months,
launched their local DTC website in April 2023. While the brand was already available
through retailers, this new presence expands Nike’s product offering in the country and
enables a more direct relationship with their customers. This follows the company’s global
strategy and a trend seen in multiple categories, where brands are making concerted efforts
to expand their DTC presence. Already, half of those top fashion websites are DTC
sportswear brands, and they hold over 20% of the total traffic to the industry.

Top 8 Websites in the Fashion & Apparel Industry - Argentina

Desktop & Mobile Web, May 2023 - Apr 2024

Despite Adidas’ website seeing the largest growth, they have actually seen a decline in
direct brand searches of 9%, while Nike has seen their volume grow by 37%. The largest
growth in athletic footwear brands belongs to Vans, with 73%, who also have the 3rd
largest volume overall behind Adidas and Nike.

Top 10 Athletic Footwear Brands by Search Volume And Yoy Growth - Argentina
Desktop & Mobile Web, May 2023 - Apr 2024
Search Volume

YoY Growth

Shaping The Market 2O24 | 28

App Development: Key To Retention In An Increasingly
Fragmented Market

Just as with the Marketplace industry, app usage is increasingly becoming the primary mode
of interaction between customers and fashion brands. Despite a decline in visits to top
fashion websites in the US and the UK, app usage has surged by 38% and 25% respectively,
counteracting this decline overall. Conversely, app usage has decreased in France and
Germany in addition to web traffic declines, though app usage has declined at a slower rate.
Overall, in these four markets, consumers' shift towards apps is helping to offset the impact
of faster-declining website visits for fashion brands.

Low-price retailers are significantly driving the growth of app usage across all countries.
Notably, Shein stands out as one of the fastest-growing fashion apps among top players in
all four markets, with growth rates of 63% in the US and 49% in the UK. In the UK, Vinted also
plays a major role in boosting app usage, with app sessions increasing by 72%. Additionally,
other low-price retailers contributing to this growth include Sports Direct in the UK, Kiabi in
France, and C&A in Germany.

The Fashion and Apparel industry faces stagnant global growth, with consumers increasingly
drawn to direct-to-consumer (DTC) brands that prioritize a seamless shopping experience.
To compete, larger retailers must prioritize app development. Mobile apps allow them to
collect valuable customer data, enabling them to personalize experiences and target
consumers with greater effectiveness, ultimately driving customer acquisition and retention.

Web Traffic and App Sessions - YoY Change - Top 10 Fashion Websites and their Apps
Desktop , Mobile Web & Android May 2022 - Apr 2023 vs. May 2023 - Apr 2024

Shaping The Market 2O24 | 29

LUXURY AND
JEWELRY

HIGH GROWTH CATEGORY HIGHLY COUNTRY WITH HIGHEST GROWTH:

INFLUENCED BY GLOBAL INFLATION TURKEY

+15.8%
+38.8%

YoY Growth | May 2023 - Apr 2024

WEBSITE WITH BIGGEST GROWTH: COUNTRY WITH HIGHEST TRAFFIC SHARE:

rarecarat.com UNITED STATES

+95.9%

TRENDS:
19.8%
Quiet luxury, pre-owned, celebrity
partnerships

Shaping The Market 2O24 | 30

Luxury and Jewelry

The Luxury and Jewelry category grew by 15.8% YoY, a higher rate than we saw last year,
and much higher than other categories. High inflation has likely been a key factor in
driving this, as it can often benefit the wealthiest.

Turkey is a key example of this, which shows a growth of 38.8% YoY despite inflation of
almost 70%.

As some countries' economies stabilise, demand for luxury and jewelry products has started
to show signs of recovery - such as UK, France, and Germany - which had seen a decline in
visits to the category last year. All top countries by traffic share are now also growing.

As the influence of celebrities, social media, and pop culture continues to grow, the Luxury
and Jewelry category must adapt with it, following global and local trends.

Top 10 Countries for the Luxury and Jewelry Industry by Total Traffic Share
Desktop & Mobile Web, May 2022 - Apr 2023 vs. May 2023 - Apr 2024

Shaping The Market 2O24 | 31

Quiet Luxury and Celebrity Influence in the US

Top 10 Luxury Brands by YoY Growth In Searches - US

Desktop & Mobile Web, May 2022 - Apr 2023 vs. May 2023 - Apr 2024

The US, which holds 20% of visits to the category globally, continues to grow with
an 11.8% increase in visits YoY, indicating there is still opportunity for growth.
Consumer demand is growing for brands that match popular trends or have strong
celebrity endorsements.

● Similar to the broader Fashion industry, brands tied to popular celebrities have
seen some of the highest growth in consumer interest. Some examples include
Valentino with brand ambassador Suga from BTS and YSL with Dua Lipa
● Bruno Cucinelli showed an impressive 55% YoY increase in searches. The brand is
known for its ‘quiet luxury’ styles, which have gained popularity on social media
and seen growth in searches of over 140%, driven in part by shows such as
Succession. Other rapidly growing luxury brands known for this style include The
Row and Loro Piana

Volume of Searches Related To “Quiet Luxury” - US

Desktop & Mobile Web, May 2022 - Apr 2024

Shaping The Market 2O24 | 32

 Turkey and Japan - Big Opportunities With Very Different
Focuses

Top 10 Countries for the Luxury and Jewelry Industry by Total Traffic Growth
Desktop & Mobile Web, May 2022 - Apr 2023 vs. May 2023 - Apr 2024

Japan and Turkey are two of the biggest and fastest-growing countries in the Jewelry
and Luxury category. However, both countries exhibit very different consumer behavior:

Top 10 Websites In the Luxury and Jewelry Industry

Japan by Traffic Growth - Japan | Desktop & Mobile Web,
Luxury focused and pre-owned May 2022 - Apr 2023 vs. May 2023 - Apr 2024

In Japan, consumer demand is highly focused

on ultra-luxury brands, whether directly
through DTC websites or retailers. There is an
increasing demand for pre-owned goods.
Three of the biggest websites in the category
(allu-official.com, nanboya.com, and
Traffic

raisin.co.jp) are pre-owned luxury retailers.

Allu, specifically, is the fourth largest website
in the category and has almost doubled its
traffic YoY.

YoY Growth
Top 10 Websites in the Luxury And Jewelry Industry
by Traffic Growth - Turkey | Desktop & Mobile Web,
May 2022 - Apr 2023 vs. May 2023 - Apr 2024 Turkey
Local shopping going international

Turkish consumers are more focused on local

brands or retailers and are not especially
interested in ultra-luxury items. Interestingly,
global brands Swarovski and Pandora are
some of the top competitors with the fastest
Traffic

growth, indicating that demand for more

international brands is on the rise.

YoY Growth

Shaping The Market 2O24 | 33

LOOKING FORWARD

Daniel Reid
Senior Insights Analyst

The retail landscape is poised for a shift in the next 1-2 years, with a more optimistic outlook
compared to the challenges of 2023. Here's what we can expect:

● Economic easing: Relief is on the horizon. Inflation is projected to slow down, and interest
rates have already begun to fall across much of the globe. This will provide much-needed
breathing room for both businesses and consumers.
● Ecommerce rebound: The overall online shopping trend is expected to recover, with the
exception of a few sectors. While consumer electronics may see a continued slowdown, most
other industries can expect a resurgence in online sales.
● Beauty & luxury boom: Beauty and cosmetics are well placed to continue to see growth,
driven by increased consumer desire for these products globally that shows little sign of
slowing. Luxury retail appears to be similarly positioned but has a smaller potential audience
of consumers..
● Brick-and-mortar potential: Though the decline of traditional retail might continue, it's
not a complete shut-down. The focus will shift towards offering a more compelling in-store
experience that complements online options (think click-and-collect, personalized service).
● Generational shifts remain: Millennials and Gen Z will continue to be major players,
influencing retail trends with their digital savviness and focus on value.

Based on our analysis, businesses should focus on optimizing efforts in these three key areas:

● Traffic trends: While digital traffic growth might not reach pre-pandemic highs, it's
expected to stabilize and continue to experience modest increases in most sectors.
● Conversion is key: Businesses need to prioritize strategies that convert digital traffic into
actual sales. This could involve targeted advertising, personalized recommendations, or
improved user experiences.
● Data-driven approach: Big picture data remains important, but retailers who delve deeper
into customer behavior will be better positioned to capitalize on growth opportunities and
improve conversion. Two ways in which brands and retailers can improve their data
collection are through their direct offerings (DTC) and through app adoption - both trends
that we are seeing with greater frequency.

The takeaway?
Retailers who adapt and embrace this evolving landscape will be well-positioned for
success in the years to come.

Shaping The Market 2O24 | 34

Behavioral Consumer and Market Intelligence

Online Behavioral Data,

Pre and Post Purchase
Translating millions of digital behavioral touchpoints into meaningful insights
across the customer journey, from Google and social media to marketplaces, so
you can be on top of the changing consumer.

Full View of the Market

Capturing the entire digital landscape, from desktop to mobile web and apps,
across 200+ industries and 190+ countries, so you can compare apples to
apples in your reporting.

Granular Actionable Insights

From markets to websites, keywords and product pages - our ability to zoom
in and out of the digital world allows us to be more precise, uncovering
unique, hidden insights, so you can determine your next move.

Updates in Near Real-Time

Collecting 10B digital signals, analyzing 2TB of data, and generating over 10K
traffic reports daily, to measure and map the digital world so you can capture
consumer demand in real time.

Shaping The Market 2O24 | 35

HOW CAN SIMILARWEB
HELP YOU COMPETE
IN A WORLD FULL OF
DISRUPTION?

Benchmark your digital performance

against competitors on all channels

Understand overall market dynamics to

prioritize the right regions and markets

Track digital signals to uncover and

capitalize fresh customer trends

Shaping The Market 2O24 | 36

ABOUT SIMILARWEB
Similarweb is a market and audience intelligence Our market research division identifies trends, tracks
company that powers the world’s businesses with the market changes, and analyzes online behavior to
most accurate digital data. create meaningful commentary on the digital
economy and provide actionable recommendations.
Our market research division identifies trends, tracks Similarweb delivers ready-made and custom data via
market changes, and analyzes online behavior to different solutions and services. To get more
create meaningful commentary on the digital data-driven insights, visit:
economy and provide actionable recommendations.
→ Similarweb.com
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Shaping The Market 2O24 | 37

 www.similarweb.com

Lead Authors, Research & Insights

Daniel Reid | Senior Insights Analyst
Michelle Lang | Senior Insights Analyst
Daniel Schneider | Director of Content Marketing
Monique Ellis | Content Marketing Manager

Strategy
Marta Sulkiewicz | VP Global Research Solution
Yaara Zajicek | Team Lead, Global Marketing

Design & Data Visualization

Shirley Ohava | Senior Brand Designer

Shaping The Market 2O24 | 38