Nearly 60% of Consumers Plan To Spend More on Amazon in 2024, Wedbush Finds [Video]

Almost 60% of consumers reported planning to spend more on Amazon (AMZN) in 2024 than the year before, a Wedbush Securities survey found.

Wedbush reported that 42% of consumers anticipate spending more online this year, while only 17% said they would spend less. Amazon led the pack as the top e-commerce destination with a wide margin followed by Walmart (WMT) with 41% of respondents, Target (TGT) with 21%, and PDD Holdings’ (PDD) Temu with 17%.

TikTok Shop stood out as a popular choice for consumers’ increased spending—even outpacing some traditional retailers. More than 9% said they anticipated spending more on the social platform’s marketplace. The app, owned by the Chinese company ByteDance, has come under fire as U.S. regulators consider a TikTok ban.

Wedbush said that “Amazon is relatively insulated from recent competitive pressure” given the e-commerce giant’s “fulfillment capabilities, industry-leading product breadth, and the scale of its Prime customer base.”

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