The news means that online retail giant Amazon has now surpassed Walmart, according to research by Wells Fargo.
According to the research Amazon’s apparel and footwear sales in the US rose around 15 per cent in 2020 to more than $41bn, outdistancing Walmart by 20 per cent to 25 per cent. Wells Fargo analysts estimate that Amazon will surpass $45bn in apparel and footwear sales this year, whilst also noting that the massive growth was fuelled by the recent boom in e-commerce brought about the Coronavirus pandemic.
With reference to Amazon’s performance, a note from Ike Boruchow and Nikic, two analysts at Wells Fargo, stated: “This represents highly impressive 11 per cent to 12 per cent share of all apparel sold in the US and 34 per cent to 35 per cent share of all apparel sold online.”
