1. Trends & External Forces

Report: Amazon.com US Sales Will Surpass $640B in 2024

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Amazon.com U.S. retail sales will total $641.3 billion in 2024, an increase of 19.9 percent or $106.6 billion from 2023, according to a new report from digital retail consultancy Momentum Commerce that tracks Amazon’s U.S. retail sales as well as hundreds of Amazon product categories.

According to the report, the following top-level, physical goods categories will have the highest year-over-year (YoY) growth rates on Amazon U.S. over 2024: CDs and vinyl, with estimated 2024 sales of $607.5 million (increase of 29.6 percent); beauty and personal care, with estimated 2024 sales of $36 billion (an increase  of 26 percent); and pet supplies, with estimated 2024 sales of $22.6 billion (an increase of 25.3 percent).

Other notable findings from Momentum Commerce’s report include:

  • Janitorial and sanitation supplies is expected to be the fastest growing subcategory on Amazon, rising 176 percent YoY to reach $1.6 billion in 2024.
  • While grocery and gourmet foods is predicted to grow by 8.9 percent YoY in 2024, beverages sales are forecasted to reach $9 billion, a growth rate of 27.3 percent.
  • In 2024, beverage sales will capture 45 percent of total grocery and gourmet foods revenue on Amazon U.S., up from 38.3 percent in 2023.
  • Women’s jewelry is forecasted to be the most stable category on an annual basis, with $3.7 billion in 2024 sales, just 0.6 percent below 2023 revenue figures.

Total Retail’s Take: But it’s not all good news for Amazon. The Momentum Report also highlighted the top-level, physical goods categories that had the slowest YoY growth rates on Amazon U.S. over 2024. They include books, with estimated 2024 sales of $9.1 billion (an increase of 0.9 percent); video games, with estimated 2024 sales of $5.6 billion (an increase of 2.8 percent); and handmade products, with estimated 2024 sales of $606.6 million (an increase of 3.0 percent). While Amazon continues to diversify its revenue streams and depend more heavily on the sale of services vs. physical goods, this data reveals just how big of an influence Amazon’s Marketplace, and its vast product selection, has on consumer spending.

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