Market Monitor: Online Retail
Read Market Monitor
Market Monitor: Online Retail
Making the right decisions for your business starts with having the most accurate and current information available. Our Online Retail Market Monitor keeps you up to date on the events, trends, and market forces that shape and guide the industry.
US Retail Sales and Back-to-School Spending Trends Q2 2024
In the second quarter of 2024, total retail sales in the United States reached an impressive $1.83 trillion, marking a 2.2% increase compared to the same period in 2023. This uptick reflects ongoing consumer confidence and spending growth across various sectors.
Back-to-School Spending Surge: $31.3 Billion in 2024
As summer draws to a close and the school season begins, parents have collectively spent $31.3 billion on back-to-school (BTS) items. Key spending categories include clothing and accessories, tech products, and school supplies. Notably, online retailers have significantly increased their share of traditional school supply sales, rising from 22.7% in 2019 to 37% in 2023. Among online retailers, Walmart, Amazon, and Target are the top players, with Amazon surpassing Target in BTS sales in 2023.
Amazon Prime Day 2024 Breaks Records with $14.2 Billion in Sales
Amazon Prime Day 2024 set new records as the largest event in the company’s history, generating $14.2 billion in total spending—an 11% increase year-over-year (YoY). This robust growth was fueled by a combination of new product releases, heightened demand for electronics, back-to-school shopping, and home furniture and appliance upgrades. The average order value during Prime Day 2024 was $57.97, with 60% of households placing two or more orders. The success of Prime Day 2024 offers valuable insights into anticipated spending trends for the upcoming holiday season, driven by increased purchase volumes rather than mere price hikes.
M&A Activity and Investment Trends in Consumer Markets
Looking ahead, mergers and acquisitions (M&A) activity in consumer markets is expected to rise, although the timing remains unpredictable. Investors are likely to be discerning, focusing on brands that adapt effectively to market shifts and demonstrate continued growth. Companies that successfully navigate these changes are well-positioned to attract premium valuations from investors.
By incorporating these insights, businesses and investors can better understand current market dynamics and make informed decisions as they plan for the future.
For more information or questions, please contact our contributors:
Rich Anderson, Managing Director: [email protected]
Tyler Dale, Managing Director: [email protected]
Johnny Sherwood, Director: [email protected]