Why Did Millennials Spend Less Over 2024 Amazon Prime Day?
Millennials weren’t inspired to shop over 2024 Amazon Prime Day, with fewer Millennial consumers spending less during this popular sales event, according to the latest Amazon Prime Day data. That’s remarkable because Millennial consumers usually show up ready to spend on Prime Day events — and they’ve historically spent more year after year up until 2024.
A Portrait of the Millennial Consumer
Millennial shoppers are savvy, technologically proficient, budget-minded, and value-focused consumers who tend to prize:
Authenticity
Quality over quantity
Social proof from real people (including influencers), rather than celebrities
Convenience and ease of the shopping experience, including straightforward options for online chatting, in-app purchases, and returns if needed
Often juggling debt, new careers, and growing families, Millennial consumers contribute to roughly a quarter of all retail spending, making them key not just to Amazon’s bottom line but to increasing revenues for most retailers across the board.
Millennial Spending on 2024 Prime Day
Millennial shoppers spent ~$78.4 million on 2024 Prime Day. Although that made Millennials the second highest spenders (by generation) over this sales event, this group spent ~1.3% less than they did over 2023 Prime Day.
Notably, the average Millennial ticket totaled nearly $93, which was roughly on par with the average ticket for Gen X consumers.
4 Reasons Millennials May Have Spent Less on 2024 Amazon Prime Day
Millennial consumers may have skipped Prime Day deals in 2024 for multiple reasons, including those below.
1. Debt Squeeze
2. Savings
3. Experiences Over Possessions
4. The Competition
Retailer Takeaways
Connecting the dots and analyzing the latest data more deeply can show retailers how some of the most responsive shoppers are reacting to the current economic climate — and what’s repelling versus attracting them when it’s time to make a purchase.
As retailers plan year-end sales events, taking the latest Prime Day data into consideration can empower more insightful decisions for sharper competitive edges.
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