Amazon Prime Day October 2024 Spending Data & Findings
Ever vigilant in the retail transaction space, Facteus has compiled the most current data for October Amazon Prime Day in 2024 to identify the latest trends and uncover key insights about consumers, retail spending, and potential expectations for the upcoming holiday shopping season.
Here’s a closer look at what the data reveals and what it suggests in the bigger picture of retail spending and end-of-year consumer sentiments.
October 2024 Amazon Prime Day Spending: 4 Key Findings
With just a one-day lag data set — and 140 million shoppers surveyed, covering $3.1 trillion in consumer spending — Facteus has connected the dots to unearth some of the newest surprises and persisting trends to come out of the October 2024 Amazon Prime Days event, highlighting some eye-opening findings below.
1. Total spending during October 2024 Amazon Prime Day dropped.
Total spending for 2024 October Prime Days came in at ~$942 million. That was ~3% less than the total spend for last year's October Prime Day, which was roughly ~$970 million.
Interestingly, the total spend for the October 2024 Prime Day event was still substantially greater than the total spend in 2022, which exceeded $667 million while still not breaking through the $900 million ceiling busted last year (in 2023).
For an e-commerce giant that’s been seeing year-over-year (YoY) growth in total spending for its Prime Day events, this year’s decline in October sales is noteworthy, potentially pointing to greater price sensitivity and more weary shoppers entering the holiday season this year.
2. The Average Ticket in 2024 dipped slightly.
The Average Ticket this year was $95.52. That was nearly identical to last year's average ticket of $95.98. Despite this ~0.5% drop in the average ticket from 2023 to 2024, this year's spending was still above the average ticket in 2022, reflecting a nearly 15% increase from just a couple of years ago.
Notably, this could speak to some resilience in October Prime Day spending, with the average ticket remaining somewhat stable over the past year.
Also crucial to point out is the fact that the average ticket price for July Prime Day 2024 rose by nearly 7%. While the October declines in average ticket price could signal shifting tides in consumer sentiment, with shoppers tightening up their wallets, it may also reflect the facts that:
Shoppers tend to be more strategic with their spending on October Prime Day. As market uncertainty and inflationary pressures persist, shoppers may be getting even more calculated in their spending.
October Prime Day deals often focus on day-to-day "essentials," rather than luxury, big-ticket items. The need for these essentials hasn’t changed even though consumers seem far more careful about their spending this year.
October Prime Day deals may not have been as attractive as shoppers anticipated, potentially inspiring some to wait for Black Friday 2024 or Cyber Monday 2024, which are just 44 to 47 days away from the Amazon fall sales event.
3. Baby Boomers led the pack in spending.
Boomers took the lead in October 2024 Prime Day spending, once again shelling out more than any other generation during an Amazon sales event. In fact, not only did Baby Boomers spend the most when compared to Gen Xers, Millennials, and Gen Zers, but Boomers also were the only generation whose total spending in 2024 increased when compared to their 2023 spending levels.
In other words, Boomers were the ONLY age group to spend MORE on 2024 October Prime Days versus 2023 October Prime Days.
Also crucial to point out in terms of spending by generation over the October 2024 Amazon Prime Day event are the facts that:
Boomers spent substantially more than any other generation.
Total spending for Gen-Xers and Millennials was roughly the same, with Gen-Xers spending just over ~$267 million while Millennials spent right around $267 million.
Gen-Zers spent the least, with every other generation spending exponentially more than Gen-Zers did.
4. Gen Zers were the only generation to spend more per Average Ticket in 2024.
Gen-Zers average ticket over October 2024 Amazon Prime Days totaled ~$70, up roughly $1 from last year's average ticket of $69. While Gen-Zers were the only generation whose average tickets increased from 2023 to 2024, they also had the lowest average tickets with:
Millennials and Gen-Xers spending roughly 25% more: Both of these generations had an average ticket of $88 in 2024. Effectively, that meant that Gen-Xers spent the same on their average tickets from 2023 to 2024 while Millennials spent less, with a ~2% decline in their average ticket, as Millennial shoppers spent an average ~$90 in the 2023 October Prime event.
Boomers spending ~27% more than Gen-Zers: The average ticket for Baby Boomers was $112 for both the October 2024 Prime event and its 2023 counterpart. Remarkably, that's at least 27% more than the average ticket for Gen-Xers and Millennials, and it's more than 34% more than Gen-Zers average ticket this year.
4 Takeaways from October 2024 Amazon Prime Spending Data
Putting the latest transaction data in the context of this and past years’ retail intelligence, we can begin to uncover subtler insights and fascinating trends that may indicate what lies ahead for retailers and consumer spending through 2024 and after.
1. Consumers appear to be more cautious.
Spending declines point to growing consumer caution, reversing the YoY growth Amazon had seen in October Prime Days spending from 2022 to 2023. This could speak to continued price sensitivity and budget-conscious consumers as inflationary pressures persist, especially going into the holiday season.
2. Shoppers may be waiting for bigger deals.
Seeming to show less enthusiasm for October 2024 Prime Day deals, some consumers may be holding out for better discounts or deals on specific items that they expect to go on sale over Black Friday and/or Cyber Monday.
Additionally, some consumers may be cross-shopping for discounts more intently this year, waiting for other retailers to offer deeper discounts, so there’s more opportunity to take advantage of compelling promotions with bigger savings.
3. Some spending remains resilient.
Average tickets in 2024 remained fairly on par with those of 2023 across every generation, reflecting some resilience, despite total spending declines this year. With that, there seems to be an indication that consumers continue to be willing to spend on essentials and value-based deals, not pulling back on their purchases of practical items. That could be a sign to retailers that focusing on essentials and value may offer better results in the highly competitive retail landscape this holiday season.
4. Boomer spending remains consistent.
Baby Boomers led spending for October 2024 Prime Day, as well as July 2024 Prime Day, while being the only generation to increase their total spend when compared to last year.
This could indicate another current of resilience in the consumer shopping landscape, revealing how Boomers may be somewhat less sensitive to prices, less compelled to discount shop across different retailers, and/or more willing to maintain their spending patterns as other generations tighten their purse strings.
Overall, these insights suggest that while consumers are spending more strategically — and while many seem far more careful about how, when, and where they spend their money — there may be several opportunities for savvy retailers to get creative this holiday season, outshine their competitors with more attractive offers, and potentially capture more spending than retail giants that could be missing the mark.
About Facteus Data
Facteus is a premier retail transaction data provider, recognized nationally for extraordinary data sets, innovative data tools, and excellence in the alternative data industry.
With turnkey solutions to fuel better decisions in real-time, Facteus turbocharges retailer strategies, consumer insights, and competitor intelligence across several sectors via CPG data, debit and credit card transaction data, SKU-level data, and so much more.
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