Amazon Prime Day 2024 saw a significant increase in consumer spending, driven by substantial advertising investments from brands. According to Adobe Analytics data released on Wednesday, marketing efforts had a profound impact on the first day of the event.
Marketing Channels Performance
Social networks experienced the highest increase in revenue contribution, soaring by 16%. Display ads also saw a substantial rise, with a 12.5% increase in revenue share. Influencer marketing, including affiliates and partners, contributed significantly with a 9.8% increase, while paid search showed a more modest growth of 6.2%.
Consumer Spending Highlights
On July 16, consumers spent $7.2 billion, marking an 11.7% year-over-year (YoY) growth and setting a new record for the single biggest ecommerce day in 2024. Mobile shopping played a significant role, accounting for $3.5 billion, which represents 49.3% of the total online spend, outpacing desktop shopping.
Adobe's analysis, which covers over one trillion visits to U.S. retail sites, 100 million SKUs, and 18 product categories, estimates that consumers will spend a total of $14 billion over the two-day event. This would signify a 10.5% YoY growth, establishing a new record for Amazon Prime Day.
Year-to-Date and Future Projections
The strong performance during Prime Day comes after a robust first half of the year for ecommerce, with consumers spending $502.9 billion online from January 1 to June 30, 2024, a 7.4% YoY increase. Adobe forecasts an additional $229.1 billion in online spending for the third quarter of 2024, a 7.2% YoY growth.
Product Category Insights
Electronics led the surge in online sales on the first day, with a 33% increase compared to average daily sales in June 2024. Specific product highlights include:
- Bluetooth speakers: +164%
- Televisions: +83%
- Fitness trackers: +81%
- Tablets: +71%
- E-readers: +65%
- Computers: +64%
Other notable increases were seen in video games (up 134%), small kitchen appliances (up 82%), perfume and cologne (up 49%), and power tools (up 37%).
Back-to-school shopping also spiked, with a 210% increase on July 16 compared to daily sales levels in June 2024, driven by high demand for backpacks, lunchboxes, and stationery.
Conclusion
Amazon Prime Day 2024 not only highlighted the power of strategic ad spending but also demonstrated the ongoing shift towards mobile shopping. With significant growth across various product categories, the event has set new benchmarks for ecommerce, underscoring the importance of targeted marketing in driving consumer spending.
Note: This article was inspired by data and insights from Adobe Analytics, which covered extensive ecommerce trends and consumer behavior during Amazon Prime Day 2024.