Amazon accounted for at least 4 percent of all U.S. retail sales or at least 44 percent of all U.S. in 2017, according to data gathered by One Click Retail. The fastest-growing product groups included pantry items and luxury beauty products.
The company’s sales performance grew from at least $149 billion to $197 billion in a span of one year. According to Business Insider, consumer electronics category brought in at least $8.5 billion in sales, or up to 4 percent year-over-year (YoY).
“Every major trend we see across 2017 can be explained by the fact that more of Amazon’s core demographic (millennials) are growing up: they’re increasingly owning homes, raising children, and buying a TON of stuff to go with it.”
One Click Retail CEO Spencer Millerberg
One Click Retail’s recent study showed that luxury beauty (47 percent) pantry items (38 percent), grocery items (33 percent) and furniture (33 percent) received the highest revenue last year.
Amazon May Still Generate a Strong Sales Growth in 2018
Piper Jaffray’s survey showed that at least 50 percent out of 1,000 U.S. respondents spent 10 percent of their holiday spending to Amazon. Piper Jaffray also reiterated its overweight rating towards Amazon’s shares, expecting that the company will generate even better sales growth in 2018.
Meanwhile, Piper Jaffray analyst Michael Olson increased his price target for the company’s shares from $1,200 to $1,400, which represents at least 12 percent of upside to Monday’s adjournment. Olson estimates that the company will produce at least 28 percent sales growth for this year.
“Considering the U.S. is Amazon’s most penetrated market, we see this low-to-mid single digit market share as a significant positive.”
Michael Olson, Analyst Piper Jaffray
Amazon shares increased to at least 56 percent in 2017 compared to S&P 500’s 19 percent increase and just keep climbing. Investor confidence is high for Amazon.
What do you think about Amazon’s domination in the market? Drop us a line in the comments section below.
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