Amazon.com (AMZN) U.S. Prime Subscribers Estimated Up 23% to Nearly 50 Million - Cowen

November 21, 2016 12:51 PM EST
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Cowen's John Blackledge estimates that Amazon.com (NASDAQ: AMZN) U.S. Prime subscribers have surged to an all-time high of 49.5 million, based on his latest Survey of 2,500 US consumers. This is up from 47 million on average in 3Q16 and up 23% year-over-year from 40 million.

Blackledge notes Prime purchasers continue to represent a larger percentage of the pie, accounting for 57% of total Amazon purchasers in October ‘16, up from 49% a year ago. ~83% of Prime Subs purchased goods in October compared to ~49% of Non-Prime customers. Prime purchasers made purchases across 3.8 verticals on average, compared to 3.7 verticals the prior year, while Non-Prime purchasers bought across 2.3 verticals on average, he notes.

Total purchasers in categories they classify as AMZN's Electronic and Other General Merchandise (EGM) segment increased 12% y/y in October, a deceleration from +23% y/y growth (on average) in 3Q16, but relatively in line with the +15% y/y growth (on average) in 1H16.

For Grocery and Consumables, AMZN purchasers were up ~12% y/y in Oct ‘16, while Grocery and Consumable purchasers at Walmart (NYSE: WMT) declined ~2% y/y and were up ~1% y/y at Target (NYSE: TGT).



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