Report predicts Amazon will soon lead apparel sales
14/06/2016
Analysts at Goldman Sachs say that the continued growth of online sales, which could grow by at least 20% over the next four years, combined with a dramatic drop off of sales at brick-and-mortar stores, will see Amazon usurp Macy’s at the top of the clothing tree in the near future.
According to the report, Amazon handles 20% of online apparel and accessories sales, which are estimated to be worth $10 billion. This is nearly two times Macy’s in second place, which pulls in just $5.2 billion.
The report pointed to the buying habits of millennials as a key reason for the expected shift, saying that 35% of them now buy most of their apparel online. This compares to 30% for consumers between 35 and 55 years old and 15% for those in the 45-54 range. The report predicts that “an additional $50 billion will migrate online over the next four years”.
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