Study: Amazon U.S. sales will pass $640 billion in 2024

A new projection suggests that Amazon's U.S. sales will have another healthy year.

Amazon U.S. retail sales will total $641.3 billion in 2024, an increase of 19.9% or $106.6 billion from 2023, according to new monthly revenue across Amazon U.S. and hundreds of Amazon product categories from digital retail consultancy Momentum Commerce.

Momentum Commerce projects the following top-level, physical goods categories will have the highest year-over-year Amazon U.S. growth rates:

1. CDs & vinyl - Estimated 2024 sales: $607.5 million (+29.6%)
2. Beauty & personal care - Estimated 2024 sales: $36 billion (+26%)
3. Pet supplies - Estimated 2024 sales: $22.6 billion (+25.3%).

Momentum Commerce also predicts the following top-level, physical goods categories will have the slowest year-over-year growth rates on Amazon US over 2024:

1. Books - Estimated 2024 sales: $9.1 billion (+0.9%).
2. Video games - Estimated 2024 sales: $5.6 billion (+2.8%).
3. Handmade products - Estimated 2024 sales: $606.6 million (+3%).

Other notable findings

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

"Amazon's overall retail growth within the US is driven primarily by the rapid expansion of sales across a number of CPG categories, rather than luxury, apparel, or electronics, and that's going to continue over the next year," said Andrew Waber, director of market research at Momentum Commerce. "U.S. consumers are clearly growing more comfortable and accustomed to purchasing grocery, health, and beauty products from Amazon despite emerging platforms like TikTok Shop focusing on these segments."