Amazon Prime Day 2024 Sees Record-Breaking Consumer Spend with 11.7% Year-on-Year Growth
The first day of Amazon Prime Day 2024 saw a remarkable 11.7% increase in consumer spending compared to the previous year, according to data by Adobe Analytics. This year, Amazon's Prime Day event is happening across multiple regions, attracting millions of shoppers.
On the first day alone, consumers spent a whopping $7.2 billion, a significant jump from $6.4 billion in 2023. Adobe's report highlighted that Tuesday's Prime Day event was not only the biggest e-commerce sales day of the year but also the largest mobile shopping day, with $3.5 billion spent via mobile devices.
One of the standout performers was the Buy Now Pay Later (BNPL) option, which saw a remarkable 17.1% growth year-on-year, generating $540 million in sales. Additionally, various product categories experienced a surge in sales compared to June 2024, including headphones and bluetooth speakers (164%), electronics (33%), televisions (83%), fitness trackers (81%), tablets (71%), e-readers (65%), and computers (64%).
Moreover, video games (up 134%), small kitchen appliances (up 82%), and perfume and cologne (up 49%) were among the fastest-growing categories during the event. The average order size on Prime Day 2024 stood at $60.03, surpassing the figures from the previous two years.
Looking ahead, Adobe Analytics predicts a record-breaking $14 billion in online spend over the two-day event, representing a 10.5% year-on-year increase. Importantly, the surge in sales is attributed to new consumer demand rather than price hikes.
The Adobe Digital Price Index revealed that e-commerce prices have dropped for 22 consecutive months, declining by 4.2% year-on-year in June 2024. This trend underscores the strong consumer confidence and willingness to spend on online platforms, driving the success of events like Amazon Prime Day.
In conclusion, Amazon Prime Day 2024 has been a resounding success, showcasing the power of e-commerce and consumer spending trends. As consumers continue to embrace online shopping, investors and businesses can leverage these insights to capitalize on emerging opportunities in the digital marketplace.