TikTok Shop drives $4.9B in Q1 U.S. sales as Ralph Lauren, Olaplex and Ulta Beauty launch storefronts

TikTok Shop drove $4.9B in U.S. sales during the first quarter, nearly doubling its volume from a year ago, according to Charm.io, as Ralph Lauren, Olaplex, and Ulta Beauty have launched storefronts on the platform alongside earlier adopters like Crocs, Revolve Group, and L'Oréal. Consumer spending on the platform rose 46% in the first three months of this year compared with last year, per Consumer Edge, and ThredUp sold more than 100,000 of its $2.99 “Clean Out Kits” in roughly two weeks after launching on TikTok Shop in January, with 98% of buyers new to the company. Marshal Cohen, chief retail adviser at Circana, told the Wall Street Journal that TikTok Shop represented only about 1% of overall retail sales in the six months ended March 22 but is expanding at a pace that could quadruple its market share in a year and reach 10% by 2028.