The latest report from market research firm NPD Group points out that in 2022, American consumers will show a clear upward trend in spending on travel and bathroom supplies, and they will continue to increase spending on these two categories this year.
The report pointed out that in the past year, the sales of travel goods in the US market increased by 16% year-on-year to 7.6 billion US dollars, ending the decline of the US travel goods market since 2020, not only successfully recovering losses, but also increasing generated more than $1 billion in sales.
Nearly one-third of Americans plan to travel more this year, according to NPD. Although the U.S. economic uncertainty still exists, the rising demand for travel is bringing growth opportunities for related commodities.
However, sellers should be aware that competition in the US travel goods market is intensifying, and consumer demand is also very different from previous years. Therefore, products must pay attention to innovation and must conform to the new aesthetic changes of consumers. In addition, current consumers also value experiential brand narratives, and sellers can focus on this feature in advertising.
In terms of sub-categories, not only is the demand for travel-essential bags such as luggage, backpacks, duffel bags, fanny packs and chest bags, garment bags and cosmetic bags skyrocketing, but also other related products such as books.
According to NPD Book Scan, unit sales of travel books in the United States will reach 6.6 million in 2022, a year-on-year increase of 6%.
The increase in travel spending is bound to affect spending in other categories. Surveys show that U.S. consumers are spending some of their clothing spending on travel plans. In the fourth quarter of 2022, 41% of consumers said they forgo clothing purchases in favor of travel.
In addition to the outbreak of the “travel economy”, the popularity of the “bathroom economy” is also increasing day by day, which has led to a surge in demand for bathroom decoration supplies.
In the past year, American consumers have spent a lot on renovating bathrooms, and the sales revenue of related products has achieved double-digit growth.
According to the NPD Group, sales of bathtubs, whirlpool tubs, vanities and showers remained strong. In 2022, revenue from sales of countertop basins will increase by 27%, bathtubs and whirlpool bathtubs by 22%, and vanities by 20%.
Not only is demand rising, but the average selling price of these products is also rising. As far as bathtubs are concerned, the category has seen an average price increase of 20% compared to 2021.
Obviously, even in the face of the risk of economic recession, American consumers still have a strong willingness to spend on travel and bathroom decoration. These two categories may become good products for the American market in the future.
At the same time, sellers should also pay attention to that any good market will inevitably have competition. If you want to occupy a high ground among competitors, you must cater to the core needs of consumers and pay attention to product innovation.