Amazon's US retail sales will reach $641.3 billion! This subcategory grew 176%

Recently, consulting firm Momentum Commerce released its operating forecast for Amazon in the United States.

The forecast mentioned that Amazon's retail sales in the United States will reach $641.3 billion this year, a year-on-year increase of 19.9%, or $106.6 billion. In addition, Momentum Commerce also released forecasts for hundreds of categories of goods on Amazon.

Among them, the following categories had the highest year-on-year sales growth rates this year:

CDs and LPs: Sales are expected to reach $607.5 million, up 29.6% year-over-year;

Beauty and personal care: sales are expected to reach $36 billion, up 26.0% year-on-year;

Pet Products: Sales are expected to reach $22.6 billion, up 25.3% year-on-year.

The following categories had the lowest year-on-year sales growth rates this year:

Books: Sales are expected to reach $9.1 billion, a growth rate of only 0.9%;

Video games: Sales are expected to reach $5.6 billion, a growth rate of 2.8%;

Handmade products: Sales are expected to reach only $606.6 million, a 3% increase.

It is worth mentioning that Momentum Commerce also made predictions for market segments. Among them, cleaning and hygiene products are expected to become the fastest growing subcategory on Amazon US, with a year-on-year growth of 176%, reaching US$1.6 billion in 2024. The year-on-year growth rate of groceries and gourmet food is 8.9%.

Beverage sales will reach $9 billion, up 27.3%, accounting for 45% of Amazon's total U.S. grocery revenue, up from 38.3% in 2023.

Women’s jewelry is expected to be the category with the most stable annual sales, reaching $3.7 billion this year, just 0.6% less than the revenue in 2023.

Andrew Waber, director of market research at Momentum Commerce, said Amazon's overall retail growth in the United States was driven primarily by rapid growth in multiple categories other than luxury goods, apparel and electronics, and that this trend will continue into next year.

It is worth mentioning that JPMorgan analyst Doug Anmuth predicted last week that e-commerce penetration in the United States could double to more than 40%.

Amazon's e-commerce business growth will accelerate in 2024, with an expected year-over-year increase of 8.1%. Driven by growth in underpenetrated categories, Amazon now aims to increase its share of adjusted retail sales in the United States to 22.9% by 2024, a year-over-year increase of 112 basis points.

Anmuth also said that Amazon demonstrated its strength in the fourth quarter with a market share of 46.4%, and its market share has achieved a year-on-year increase of more than 100 basis points for the sixth consecutive quarter. The record-breaking event consolidated Amazon's position as an industry leader.

Amazon

USA

Retail Sales