The U.S. music market analysis firm Luminate recently highlighted the burgeoning K-pop merchandise market as 'big business' in its '2023 Annual Report'.

The report reveals that U.S. K-pop fans spend an average of $24 per month on merchandise, which is 2.4 times higher than the average American listener. Compared to J-pop fans, they spend an additional $8 monthly. Additionally, U.S. K-pop fans are 50% more likely to purchase related merchandise even when they cannot attend an artist's music event.

The U.S. K-pop market saw significant growth last year, with world music containing K-pop increasing by 26.2% in on-demand audio streaming, the fastest growth among genres.

In the top 10,000 most-streamed songs in the U.S. last year, Korean language content made up 0.7%, ranking third after English (88.8%) and Spanish (8.1%).

The report attributes the robust consumer behavior among U.S. K-pop fans to the influence of 'superfans' – highly dedicated fans who engage with artists through streaming, social media, merchandise purchases, and concert attendance.

An expert in the report analyzed, “K-pop fans are known for their high loyalty and fervor, with a significant proportion being superfans. Many consume artist merchandise as a way to express their identity, preferring something different from the mainstream.