Amazon Prime Day 2024 boosts growth despite increased competition
As competition continues to enter the e-commerce sales events landscape, Amazon Prime Day 2024 has retained its ability to function as a powerful growth engine for the retail giant.
According to YouGov BrandIndex data, Amazon's advertising strategies surrounding Prime Day drove notable gains in brand Awareness and customer Consideration, even with events like Target Circle Week, Walmart July Deals, ‘Deals for You Days’ from TikTok Shop, and Temu Week all competing for share of attention and wallet.
Prime Day through the years
One of the most significant trends observed over the past six years of survey data is Amazon Prime's consistent surge in Ad Awareness around Prime Day, likely the result of strategic and sustained investment in advertising.
This July, Amazon Prime matched its peak score of 47% Ad Awareness among the general population. This remains consistent with previous years, showcasing the effectiveness of Prime Day in maintaining and even elevating consumer awareness of Amazon's offerings, even as competition continues to offer alternative options for Americans.
More broadly, Amazon's overall Ad Awareness has shown a robust upward trajectory, reaching 56% by the end of July 2024. This increase of 17 percentage-points from July 2019 indicates the lasting impact of Amazon’s promotional efforts beyond Prime Day.
The percentage of Americans who would consider buying from Amazon the next time they need to make a purchase matched an all-time high following Prime Day 2024.
Amazon's Consideration levels—a critical metric that reflects potential customer conversion— also experienced a notable recovery from a slight dip in late 2023, reaching a staggering 85% of Americans at the tail end of this year’s sales event.
Meanwhile, Amazon Prime’s consideration has remained consistently high, hovering in the upper 60s since Prime Day 2023.
Although Amazon Prime did not see the same boost in customer numbers as it did in 2023, there was still a net increase from before Prime Day 2023 through to Prime Day 2024. This suggests steady growth for Amazon Prime.
Moreover, Amazon continued to grow its customer base through the end of last year, seeing a significant boost after this year's Prime Day. This trend highlights Amazon’s ability to not only attract new customers but also retain and grow its existing customer base.
In 2024 Prime Day Promotion, Megan Thee Stallion Takes Center Stage to Drive Prime’s Consideration
A standout element of this year’s Prime Day was Amazon's successful advertising campaign featuring Megan Thee Stallion. According to YouGov Profiles, this ad was particularly effective in reaching a diverse, city-dwelling demographic, but maintained a broad appeal.
With 82.6 million Megan Thee Stallion fans among the U.S. adult population, Amazon tapped into a significant and engaged audience. Her fans are more likely than the general population to look for deals and use sales, making them an ideal target for Prime Day promotions.
Leveraging YouGov BrandIndex, we found that the campaign led to a higher likelihood of considering purchases from Amazon (90%) and Amazon Prime (79%) among those exposed to brand campaign activity, especially when compared to the average population.
This success underscores Amazon’s ability to leverage celebrity endorsements to reach new and diverse customer segments, many of whom were not yet Amazon Prime members.
Despite growing competition in the e-commerce space, Amazon's strategic focus on Prime Day continues to drive growth and reinforce its market dominance.
Amazon’s consistent growth in Ad Awareness, successful recovery in Customer Consideration, and effective use of advertising highlight the company’s sustained success despite an increasingly crowded promotional marketplace.
As the competition intensifies, Amazon’s ability to adapt and refine its Prime Day strategy will be essential in sustaining its growth and maintaining its position as the undisputed market leader.