Study: Amazon U.S. sales will pass $640 billion in 2024
A new study by Momentum Commerce has forecasted a significant surge in Amazon’s U.S. retail sales for the year 2024. The figures are staggering, with sales
Study: Amazon U.S. sales will pass $640 billion in 2024
A new study by Momentum Commerce has forecasted a significant surge in Amazon’s U.S. retail sales for the year 2024. The figures are staggering, with sales expected to reach an impressive $641.3 billion, marking a robust 19.9% increase or an additional $106.6 billion year-over-year.
The forecasts and estimates within the Amazon Sales Forecast Dashboard are based on Momentum Commerce’s proprietary analysis and modeling, which incorporates multiple sources of Amazon US retail revenue data. Momentum Commerce regularly re-evaluates both the underlying data and models to ensure forecasts reflect seasonality, changes in observed revenue, and other factors.
Interestingly, the consultancy’s projections shine a light on specific categories that are poised for substantial growth. CDs & Vinyl are making a surprising comeback, with sales anticipated to climb by 29.6%, reaching $607.5 million. Beauty & Personal Care is another category set to flourish, with a projected increase…
of 26%, translating to $36 billion in sales. Pet Supplies are not far behind, expected to grow by 25.3% and hit $22.6 billion. Conversely, some categories are predicted to experience more modest growth. Books are forecasted to see a slight uptick of 0.9%, amounting to $9.1 billion in sales.
Video Games are estimated to grow by 2.8%, reaching $5.6 billion, while Handmade Products are projected to increase by 3%, totaling $606.6 million.
“Amazon’s overall retail growth within the US is driven primarily by the rapid expansion of sales across a number of CPG categories, rather than luxury, apparel, or electronics, and that’s going to continue over the next year,” said Andrew Waber, Director of Market Research at Momentum Commerce.
“US consumers are clearly growing more comfortable and accustomed to purchasing grocery, health, and beauty products from Amazon despite emerging platforms like TikTok Shop focusing on these segments…
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