Amazon Prime Day sales to hit record US$14 billion, data firm says

Shoppers are likely to spend roughly US$14 billion during Amazon&#039;s Prime Day two-day shopping event this week, according to projections from Adobe Analytics, a firm that studies e-commerce transaction data.Spending at Amazon (AMZN.O) on Tuesday and Wednesday could rise 10.5% from Prime Day 2023, Adobe said.The online retailer began holding Prime Day a decade ago, typically in July. Prime Day accounts for 1% to 2% of Amazon&#039;s net global sales, according to CFRA Research.Amazon started advertising pre-Prime Day deals in early July on clothes, back-to-school gear, wellness products and electronics, though it moved Prime Day back by five days on the calendar this year.Amazon said that Day 1 of its two-day Prime Day 2023 earned its biggest sales day ever, although it doesn&#039;t disclose total sales for Prime Day.The US$12.7 billion shoppers spent at Amazon last year during Prime Day was 6.1% more than what they spent during the 2022 event, according to Adobe.WHY IS IT IMPORTANT?Amazon&#039;s Prime Day has turned July, an otherwise slow time for retailers, into a season when shoppers look for bargains, especially on back-to-school clothing, electronics, uniforms, backpacks, dorm decorations and supplies.Rivals Walmart (WMT.N) and Target (TGT.N) are also launching July discounts and marketing events in a bid to beat Amazon at its own game, and capture some of the US$38.8 billion that the National Retail Federation trade group projects Americans will spend on back-to-school merchandise this summer.Following years of high inflation, shoppers have delayed purchases of non-essential goods and retailers are tempting shoppers to break that habit with aggressive July discounting."We are expecting really strong momentum for back-to-school," said Vivek Pandya, Adobe&#039;s lead insights analyst.Shoppers are now more willing to spend and have started to use Prime Day as a back-to-school shopping opportunity, he said.BY THE NUMBERSShoppers could spend US$7.1 billion at Amazon on Tuesday alone, up 11.3% from a year earlier, Adobe said. Day 2 is expected to bring US$6.9 billion in online sales, up 9.2% from a year earlier, it said.Adobe expects Amazon to dangle discounts of 22% on electronics, 20% on clothing, 17% on home goods and furniture and 11% on sporting goods.Adobe&#039;s projections are based on its analysis of data measuring transactions from previous Prime Days.

Amazon Prime Day sales to hit record US$14 billion, data firm says

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Republikein 2025-05-02

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Amazon Prime Day sales to hit record US$14 billion, data firm says

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