BOSTON — Since 2020, online retail giant Amazon has been tied with its main competitor Walmart in furniture and home furnishings, and the gap has now widened by more than 10 percentage points.
Amazon accounted for 18.8% of consumer furniture/home furnishings spending in Q4 2023, compared to 7.3% for Walmart, according to new analysis by PYMNTS Intelligence on these two major retailers and their competition for market dominance. occupied. The share of both companies in the first quarter of 2020 was 9.9%. But from there, Amazon never looked back and continued to grow its market share, increasing its share to 12.5% by Q2 2020.
In 2023 alone, Amazon's share of the furniture and home furnishings market grew from 14% in the first quarter to 15.1% by the second quarter, 16.2% by the third quarter, and then to its current share of 18.8%. It jumped up to Meanwhile, Walmart's share declined slightly over the year, reaching 7.7% in the second quarter.
In 2023, Walmart's annual growth rate for furniture and home decor was 0.6%, compared to rival Amazon's 16%.
The Whole Paycheck Report also found that Amazon accounted for 10% of total US retail sales in 2023 and 4.4% of all US spending in the fourth quarter. In contrast, Walmart's annual sales were his 7.3% and his 3% of total spending in the fourth quarter.
In other categories, Amazon has the upper hand in clothing, electronics, and personal care, but Walmart remains dominant in food and beverage.
