Impact of inflation and greater opportunities to go out on the ranking of top-selling items in the first half of 2024

2024 has gone quickly, and we have already crossed its halfway point. What sorts of items
sold well in the first half of the year? Let’s take a look at the sorts of daily consumer goods
that sold particularly well using SRI+® (a nationwide retail store panel survey) retail store
sales data gathered from approximately 6000 stores nationwide in Japan.

1.Face packs acheived top place, 1.5 times up from last year – and are a top category demonstrating the impact of increased opportunities to go out

Fig.1 depicts the rankings of daily consumer goods categories to May 2023 versus the previous year.

Fig.1

Around a year has passed since covid shifted to a category 5 infection in May last year. Life
is increasingly returning to its pre-covid state, with the number one seller in the first half of this year being face packs (154%). This appears to have been driven by several factors, including the recovery in demand for cosmetics due to the increased opportunities to go out,
the spread of Korean cosmetics, and a face pack boom among famous celebrities.

In particular, its purchase rate among women (the proportion who bought the product even once during this period) increased (Fig.2) from 15.0% in the first half of last year to 18.5% among the total. By age group, it sizably increased from 18.6% to 24.1%, and even
increased 5 points to 20.8% among women in their 40s – approaching its purchase rate among 15~29-year-old women. Another cosmetic, cheek blusher, which has attracted attention as a Korean cosmetic, ranked 7^th.

Fig.2

Second place was claimed by another item up due to the increase in going out – shoe polish (133%). This included both the cream type for leather shoes and sheet type
for sneakers etc. It appears to be up driven in part by the popularity of sneakers. Fifth place lip cream (128%) climbed in score due to the increased opportunities for going out as well as the decrease in the use of masks.

2.Staple foods have also been impacted by the sizable price increases

As post-covid behavior like the increase in opportunities to go out increasingly takes root, price hikes are having a sizable impact on Japanese consumers. In particular, the price of groceries etc. have increased significantly, with rice (118%), the staple food of Japanese people, ranking ninth this time. INTAGE mainly surveys items packed into shopping bags at supermarkets, convenience stores, and drugstores, with rice virtually never having ranked highly to date. However, last year’s oppressive heat caused a decline in crop yields, and inbound demand has led to strong sales with eating out, leading to recent price hikes, and sizably impacting this result.

While many groceries have decreased on sales volume due to these sizable price hikes, INTAGE’s dinner table survey “Kitchen Diary ®” (Fig.3) indicates that rice consumption at home is strong. In particular, the extent to which rice appears at breakfast increased from 31.3% in 2021 to 34.3% in 2024. Bread conversely decreased from 73.3% to 69.1%. With marked increases in the price of wheat and bread from 2022, this trend to return to rice is ongoing, so it should be worth keeping an eye on how prices impact our lifestyles in future.

Fig.3

In terms of price increases, 10^th place dried sardines (117%), 11^th place neutral detergent (117%), and 14^th place bleach (114%) were categories that did not increase sizably in terms of sales volume, and mainly were included in the ranks here due to the impact of price hikes. Conversely, 4^th place tomato juice (130%) has also increased in price, but its numbers have risen sizably due to products with health claims selling well.

3.Inbound demand remains strong this year

Pharmaceuticals also ranked highly, with inbound demand contributing strongly with 3^rd place cardiotonics (132%), which increased on it sales volume mainly via products popular with foreign tourists. Numbers for 6^th place Vitamin C supplements (119%) and 13^th place cough suppressants and expectorants (115%) were driven up by inbound demand as well as
healthy domestic demand.

The rankings of top-selling items in the first half of the past three years are depicted in Fig.4. It is apparent that the top-ranking products have changed sizably each year over the past few years. In 2021, health-conscious food products and self-care products ranked highly,
while in 2022 products including pharmaceuticals such as test kits like the test kits for
covid antigens*¹ and antipyretics and analgesics, along with cosmetics, which are seeing a resurgence, ranked highly. In 2023, in addition to covid-related pharmaceuticals, cosmetics such as lipstick made a further comeback due to the increase in going out and relaxation of mask restrictions, with high inbound demand products, which are strong sellers this year
as well, also included in the top ranks this year.

Another interesting item that popped up in the top ranks for the first time in three years
this year is 8^th place toy manufacturer confectionary (118%). This backs the fact manga
and anime-related products are popular across a wide range of fields.

Fig.4

4.Hygiene products are a top product genre struggling to sell – Some rebound with strong sellers during the covid crisis is observed

Finally, let’s take a look at the rankings of items that struggled to sell in the first half of this year (Fig.5). Hygiene products that increased sizably on sales during the covid crisis ranked highly here, including 1^st place test kits (47%), 2^nd place masks (75%), and 8^th place disinfectants (88%). 3^rd place seaweed salad (75%), 5^th place wrinkle remover (80%),
and 15^th place light bulbs (95%) remain on a downward trend. 4^th place oatmeal (79%)
recorded a dramatic increase in sales during the covid crisis, achieving 1^st place on the ranking of top-selling items in the first half of 2022, but rebounded this year. It actually rates
over 9 times higher than in 2019.

Fig.5

Post-covid behavioral changes, price hikes, extreme weather like oppressive heat and changes in the economic status quo continue to have a sizable impact on people’s lives and consumer behavior. INTAGE will release this year’s top-selling items’ rankings in December this year, including what impact various events have on these findings.

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[SRI+^® (nationwide retail store panel survey)]
Retail sales data continuously gathering daily sales information from approximately 6000 stores nationwide in Japan including supermarkets, convenience stores, home centers, discount stores, drugstores, and specialty stores, boasting the No. 1 sample design numbers and chain coverage of retail panels domestically^*1.
*SRI+ is statistically processed, with no information disclosed whatsoever that may identify the survey monitor stores.
^*1Some business channels

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