TikTok Marketplace Monitor｜May, 2024
The top three categories accounted for 40% of May's total GMV
OVERVIEW
In May 2024, TikTok Shop in the USA recorded a total sales volume of $517 million, up by 8.61% month-on-month, with a daily average of $16.7 million.
In May, TikTok Shop's top 10 categories generated a substantial $371.4 million in Gross Merchandise Value (GMV), marking an 8.56% increase from the previous month. The top three categories accounted for 40% of total GMV, with the Beauty & Personal Care category alone comprising 20%.
Beauty & Personal Care, along with Womenswear & Underwear, continued to dominate the market, experiencing month-over-month growth rates of 8.6% and 22.79%, respectively.
Category Analysis
In May, Womenswear & Underwear items exhibited the most significant growth, rising 22.79% from the previous month, further widening the gap with the Healthcare category, which ranked third.
In April, Healthcare sales surged by 65%, reaching $40.7 million, nearly closing in on the second position. However, in May, sales in this category grew by only 2.7% to $41.8 million, yet healthcare products remained among the top three best-selling items.
Additionally, the Kitchenware and Menswear categories broke into the top 10, displacing Home Supplies and Food & Beverage from the list.
Vendors Spotlight
Among the top 10 shops, half specialize in healthcare products. Noteworthy is the growth of Halara US, which focuses on women's activewear. In May, Halara US's sales surged by 39%, reaching $4.76 million and elevating it from the fourth position to the second. Most of their top-selling items have a long life expectancy, with all having been released more than six months ago.
May's top shop list highlights three notable newcomers.
MaryRuth's, a new entrant in the Health category, achieved the sixth position with notable monthly sales of $2.93 million. The brand's flagship product, Hair Growth Vitamins, significantly contributed to this success, with 35,800 units sold over the past 30 days, generating $2.06 million in sales.
RYSE Supplements, another entrant in the Health category, made a significant debut on this month's top shop list, securing the eighth position with monthly sales of $2.76 million. The store's top-selling product, Loaded Protein, was a key contributor, with 57,500 units sold in the past 30 days, generating $1.25 million in sales.
Additionally, The Lost Herbs achieved ninth position with sales reaching $2.71 million. Their leading product, The Lost Book of Herbal Remedies, which covers 800 herbs and remedies for various parts of the body, sold 67,100 units over the past 30 days, generating $1.88 million in sales.
DATA SOURCE FROM TABCUT