What 2024 Amazon Prime Day Data Reveals About Consumers & Current Retail Shopping Trends
The data for Amazon Prime Day 2024 is in, and it’s uncovering some fascinating shifts and snowballing trends for Amazon, as well as the wider retail industry.
Continuing to track Prime Day spending, the Facteus team dug into the latest numbers, comparing them to 2023 Prime Day, Big Deal Days (in October 2023), and recent findings from our Win the Week™ series.
With that, some crucial insights about consumers and ever-evolving trends in retail spending emerged.
Discover those below, starting with a by-the-numbers overview of 2024 Amazon Prime Day sales.
2024 Prime Day Data at a Glance
Held on July 16 and 17, 2024, Prime Day is a 2-day (48-hour) sales event, with moderate to heavily discounted products.
Originally launched to celebrate Prime members and commemorate the 20th anniversary of Amazon’s founding, Prime Day has become a major annual sales event, spurring a fall counterpart with October Big Deal Days, as well as copycat events among other retailers.
2024 Prime Day by the numbers:
3 Key Insights from 2024 Amazon Prime Day Data
A deeper dive into the latest transaction data pulls back the curtain on what the numbers may truly mean in terms of consumers’ mindsets, the latest shopping trends, and what may be around the corner for 2024 Big Deal Days, Black Friday, and other end-of-year sales events.
1. Inflation remains a major concern among shoppers.
2. Millennials seem to be the most gun-shy shoppers.
While Gen Z, Gen X, and Baby Boomers all spent more during the 2024 Prime Day sales event, Millennials did not, spending ~1.3% less than they did in 2023.
This is a key shift in Millennial Amazon spending. In fact, historically, Amazon has relied on a Millennial consumer base that has more flexible purse strings. What may be more remarkable here is the fact that Millennial shoppers did not reduce their spending at competitors over the Prime Day event. So, maybe the discounts or the items discounted simply weren’t “worth it” for Millennials shopping at Amazon.
3. Retailers cannot necessarily rely on the “rising-tide” effect from Prime Day.
Traditionally, Prime Day has been a time when other retailers can get in on the action, running concurrent sales events while consumers are in shopping mode.
Why 2024 Prime Day Data Matters
Analyzing the latest 2024 Prime Day data can inform retailers and key industry players about how consumers, shopping trends, spending patterns, brand loyalty, and more are changing.
With that retail market intelligence, leaders and key decision-makers can refine their strategies, improve their positioning with consumers, and discover novel ways to get ahead and sharpen their competitive edge.
To unpack how retailers are getting better at reading consumers' minds, check out this guide to the power of retailer transaction data.
About Facteus
Facteus is a leading retail transaction data provider, recognized nationwide for unparalleled data sets, trailblazing data tools, and excellence in the alternative data industry.
Specializing in turnkey solutions for better decisions in real-time, Facteus gives retailers across several sectors the opportunity to unlock greater insights from CPG data, debit and credit card transaction data, SKU-level data, and more.
That’s why more retailers, investors, and others rely on Facteus data when it’s time to supercharge their strategy, forecasting, and customer loyalty with unprecedented growth.