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A group of Wells Fargo analysts led by Ike Boruchow said in a note to investors Friday that Amazon (NASDAQ:AMZN) is the number one seller of apparel in the US.
In another edition, the 19th to be exact, of Wells Fargo’s “Amazon & The Retail Rainforest” series, the firm focused on the e-commerce giant’s performance during the last quarter.
“Notably, while 2022 B&M results and slowing domestic AMZN GMV growth suggest trend normalization is happening across both channels, it’s clear, in our view, that the COVID-19 pandemic pulled forward 4-5 years of ecommerce penetration. Looking out, we expect the shift to ecommerce is likely to ‘stick’ and AMZN—as the No.1 apparel retailer in the country—remains the 800-lb gorilla, with clear ambitions to take ongoing share,” said Boruchow.
“We estimate that U.S. sales of apparel/footwear on Amazon’s platforms (including third-party sales) now exceed $65B (nearly double the No. 2 player WMT). This represents a highly impressive ~15% share of all apparel sold in the U.S. and 35-40% share of all apparel sold online. We currently estimate AMZN will surpass $73B in apparel/footwear sales in 2022,” added the analyst.
A Wells Fargo survey of 1,000 U.S. Amazon shoppers found Amazon continues to gain traction in Apparel/footwear categories, and consumer willingness to purchase Fashion Apparel (jeans, dresses, etc.) on Amazon has continued to increase over the past year.
