Supplies for Popular New Year’s Resolutions See Price Decreases in Major Categories
Customers looking to stock up on supplies to help complete their New Year’s resolutions will rejoice in lower prices on products across all major categories, according to new data from ecommerce accelerator, Pattern. For instance, the cost for overall organizational products decreased by 5% from Q4 2022 – Q4 2023 while the cost for overall health products dropped by 3% during the same analysis period.
Why it matters: With 2024 on the horizon, shoppers will be looking to purchase products that can help them achieve their goals in the new year. Decreased prices come as a welcome change of pace in an economy that has experienced historic volatility and inflation.
What we’re seeing: We analyzed the most searched for products related to five of the most popular New Year’s resolutions to see how pricing has changed year over year. Here’s how prices for products that support these New Year’s resolutions have fluctuated in the past year:
- The cost for Weight Loss products has decreased by 4% from Q4 2022 – Q4 2023
- Calendarizing products -3%
- Social Media Reduction products -3%
- Workout products -3%
- Stress Reduction products -2%
Weight Loss products: Those looking to satisfy their weight loss goals in the new year will enjoy lower prices on the following products:
- The cost of Scales decreased by 9.02% from Q4 2022 – Q4 2023
- Berberine -5.56%
- Healthy Cookbooks -3.99%
Weight Loss products to watch: Despite an overall reduction in price for popular Weight Loss products, there is one product that customers may pay more for in the new year:
- Probiotics increased in price by 3.27% from Q4 2022 – Q4 2023
Calendarizing products: Customers wanting to keep track of their daily routines will find lower price tags on the following items to help them meet their goals:
- The cost of Wall Calendars decreased by 7.53% from Q4 2022 – Q4 2023
- Daily Planners -6.45%
- Diaries -6.32%
- Calendars -5.38%
Calendarizing products to watch: While most calendarization products have decreased in price, there are a few that customers should keep their eye on during their New Year’s resolution preparation:
- Journals increased in price by 1.37% from Q4 2022 – Q4 2023
- Notebooks +6.09%
Social Media Reduction products: Those hoping to cut back on social media in the new year will find lower prices on the following items designed to help them stay offline:
- The cost of Flip Phones decreased by 9.22% from Q4 2022 – Q4 2023
- Light Phones -5.27%
- Dumb Phones -4.33%
Social Media Reduction products to watch: While several items designed to help customers reduce their time on social media have decreased, there is one item in particular that may cost more this year:
- Phone Boxes increased in price by 7.31% from Q4 2022 – Q4 2023
Workout products: Customers hoping to stick to a steady workout routine may find it easier to do so thanks to lower prices on the following items:
- The cost of Free Weights decreased by 12% from Q4 2022 – Q4 2023
- Walking Treadmills -12%
- Dumbbells -6.82%
- Treadmills -6.67%
- Big Water Bottles -6.64%
Workout products to watch: Depending on customers’ workout objectives, the cost to stay trim may be higher if they plan to purchase the following items:
- Jump Ropes increased in price by 1.58% from Q4 2022 – Q4 2023
- Protein Powders +8.46%
Stress Reduction products: Shoppers looking to lower their stress level in the new year can breathe a sigh of relief already thanks to reduced pricing on the following items:
- The cost of Massage Tools decreased by 12.83% from Q4 2022 – Q4 2023
- Eye Masks -6.17%
- Calm Strips -4.72%
- Stress Balls -3.35%
- Sleep Masks -3.02%
Stress Reduction products to watch: While many stress reduction products have seen price decreases, the following items may be more expensive:
- Pillow Spray increased in price by 3.10% from Q4 2022 – Q4 2023
- Cooling Pillows +3.69%
- Meditation Tools +8.73%
The takeaway: As customers shop for products to support their New Year’s resolutions, they can look forward to lower prices on many of the most popular products designed to help them achieve their goals. While some items have experienced increased pricing, careful planning and smart shopping can help customers avoid the sting of inflation as it relates to their personal goals.
Pattern’s data science team analyzed pricing data for the most searched for products needed to complete the most popular New Year’s resolutions for every day of 2022 and 2023 to see how price changes may impact the upcoming shopping season. If you’d like to use insights like these to improve your ecommerce strategy in the new year, contact our team for more information.
