Faire, the leading online wholesale marketplace, announced today the release of the 2024 Faire Forecast, an annual data report that highlights the year’s top trending products from millions of transactions on the platform, and the top predictions on retail trends for the year ahead. With consumer trends shifting quickly, the Faire Forecast aims to help retailers prepare for the buying season and ensure they can stock their shelves with unique products consumers will love.
In 2023, Faire accurately predicted skyrocketing interest in trends like “sober curious”, and “tinned fish”, and after reviewing the platform’s recent search and purchase data, identified six predictions on what’s to come for 2024.
In 2023, the trendiest specialty brands in the food and beverage space partnered to create unexpected, innovative product collaborations. From Fishwife x Fly by Jing, to Graza x Aura Bora, to Momofuku x Raaka Chocolate, these sought after brands teamed up to offer consumers unique, and sometimes limited, products that surprise and delight their loyal customers and independent retail shoppers.
“Independent retailers have long competed on their ability to curate unique products and a shopping experience that sets them apart from mainstream retail. Stocking these unexpected, values-driven product collaborations allows them to tap into the consumer desire for discovery, storytelling, and community that today’s modern consumer is demanding” said Lauren Cooks Levitan, Faire’s Chief Financial Officer.
On TikTok, searches for “concert outfits” have garnered over 26 billion views, as consumers around the globe seek outfit inspiration to match the vibe of the tour they’re attending. With upcoming concerts from popular artists such as Doja Cat and Madonna, this fun and creative fashion craze will carry into next year as consumers continue to dedicate budget towards social experiences, post-pandemic.
Research has shown that today’s shoppers prioritize brands that align with their personal values, and look for brands to provide transparency around how their values show up in their products and business.
Research has also shown consumers are looking to better balance spending time online with experiences offline. Products such as paint by numbers, pickleball gear, and crochet kits are expected to see an increase in sales as consumers’ appetite for investing in offline interests increases.
Faire data revealed that minimalist decor is out and more eccentric accessories, such as mismatched vintage glassware and blob mirrors are in. Homeowners will also opt for bright, bold color palettes, as opposed to neutral tones seen in previous years. This trend helps consumers showcase their unique personalities all year long.
As travel climbs its way back up to pre-pandemic levels, products such as journals, eye masks, and more travel essentials are on the rise as consumers become more intentional about creating a better work-life balance.
To learn more about these trends, check out the full report.