The biggest Prime Day on record gave loyal consumers even more of a reason to love Amazon. Millennials shopped more conservatively during the sale this year, yet continued spending at other retailers. Meanwhile, retail competitors rode the wave of heightened buying intent. Here are five key stats on Prime Day that you didn’t know.
1. Prime Day has a loyal and satisfied following
Key stat: Nearly all (98%) of Prime Day consumers knew about the sales event before shopping, per Numerator. In addition, 68% of Prime Day consumers said they were at least very satisfied with the deals offered this year.
What it means: Amazon has not only a vast reach—with its membership penetrating 67.8% of the US population, per our forecast—but also high engagement and a cult following for Prime Day. Although 88% of those who shopped during Prime Day this year are members, per Numerator, the sales event is key for driving new sign-ups and retention, which fuels Amazon’s ad flywheel.
2. Millennials spent less this year
Key stat: Spending among millennials dipped 1.3% YoY during Prime Day, according to Facteus. They were the only generation to spend less during the sales event than they did last year. The number of millennials who shopped at this year’s Prime Day event also decreased 4.4% YoY, the same study found.
What it means: With nearly six in 10 (59%) millennials feeling financially behind, according to December 2023 data by Intuit Credit Karma, it may be that the generation is thinking twice before checking out on Amazon.
3. Amazon faces competition from Walmart
Key stat: A quarter of Prime Day consumers also shopped from Walmart+ Week, per July 2024 data by CivicScience.
What it means: “It makes sense to see retailers stagger their events,” our analyst Sarah Marzano said on the “Behind the Numbers: Reimagining Retail” podcast. Walmart’s strategic decision to schedule their sales event around a month before Prime Day may have helped them capture some early consumer spending momentum and differentiate themselves.
4. Other retailers are taking advantage of the ‘halo effect’
Key stat: 28% of major US retailers and ecommerce sites hosted their own sales events around Prime Day or benefitted from it, according to Criteo. On the first day of Prime Day, retailers saw a 73% increase in online transactions compared with the week prior.
What it means: Amazon is putting consumers in the mood to shop. Prime Day may be reminding consumers to revisit their wish lists or hunt for deals—even if it means converting off of Amazon.
5. The home and garden category is attempting to boost growth
Key stat: The top three categories offering Prime Day discounts were clothing, computer and electronics, and home and garden, according to RetailMeNot.
What it means: Home furnishings retail sales will increase 1.7% in the US this year, the smallest growth of any other category we track, according to our July 2024 forecast. The market is still feeling the impact of consumers who invested in home improvements during the pandemic and are now less in need of big-ticket items such as furniture.
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