Nov 27, 2024, 10:45 AM
Nov 26, 2024, 12:29 PM

Amazon emerges as the top holiday shopping destination for consumers

Highlights
  • According to Goldman Sachs' 2024 Holiday Survey, 35% of U.S. consumers chose Amazon as their preferred retailer for holiday shopping.
  • E-commerce dominates holiday shopping trends with early promotions driving consumer spending.
  • The data indicates a continued shift towards online shopping, implications of which may reshape future retail dynamics.
Story

In the lead-up to the 2024 holiday season, Amazon solidified its status as the most preferred shopping platform among U.S. consumers. According to a comprehensive report by Goldman Sachs, a survey conducted revealed that 35% of U.S. shoppers are choosing Amazon for their holiday purchases. This marks a significant increase from the previous year and indicates Amazon's growing dominance over traditional retail competitors including Walmart, Target, and Costco. Notably, Walmart continues to hold its ground as the second preferred retailer but saw a slight dip in consumer preference. The report highlights a broader trend in holiday shopping behaviors. E-commerce has solidified its place as the leading channel for consumer purchases with an upward trend noted compared to the previous year. Over half of the surveyed individuals began their holiday shopping before Thanksgiving, reflecting a shift in consumer habits influenced by early promotional events such as Amazon's Prime Days that took place in July and October. Gender demographics also played a role in shopping preferences, with 45% of male consumers and 38% of female consumers anticipating that most of their shopping will be done online. Furthermore, generational trends were telling; more than 50% of both Gen Z and Millennials indicated their preference for online shopping. Key categories that have seen increased consumer interest in online purchasing include electronics, gift cards, and experiential gifts. As the shopping landscape continues to evolve, significant dates like Black Friday remain influential. This year, there was a noted rise in shoppers planning to purchase on or before Black Friday, which fell later in 2024 than in previous years, granting consumers additional time to take advantage of promotional deals. Low-income consumers remain particularly responsive to Black Friday sales, highlighting the critical role sales play in their holiday shopping decisions. Overall, this data reflects a shift toward online platforms and hints at the increasing convenience and appeal of e-commerce as consumers prepare for the holiday season.

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