Shoppers are projected to spend approximately US $ 14 billion during Amazon’s Prime Day event this week, according to Adobe Analytics, a firm specializing in e-commerce transaction data.
Spending on Amazon this Tuesday and Wednesday is expected to rise by 10.5 per cent compared to Prime Day 2023, Adobe reported.
Amazon initiated Prime Day a decade ago, typically holding the event in July. Prime Day now accounts for 1 per cent to 2 per cent of Amazon’s net global sales, according to CFRA Research. In early July, Amazon started promoting pre-Prime Day deals on clothes, back-to-school items, wellness products, and electronics. This year, Prime Day was moved back by five days on the calendar. Amazon announced that the first day of Prime Day 2023 achieved its biggest sales day ever, though the company does not disclose total sales figures for the event. Last year, shoppers spent US $ 12.7 billion during Prime Day, a 6.1 per cent increase from the 2022 event, according to Adobe.
Amazon’s Prime Day has transformed July from a typically slow retail period into a prime time for bargain hunting, especially on back-to-school clothing, uniforms etc.
Competitors Walmart and Target are also launching July discounts and marketing events to compete with Amazon and capture some of the US $ 38.8 billion that the National Retail Federation projects Americans will spend on back-to-school merchandise this summer.
“We are expecting really strong momentum for back-to-school,” said Vivek Pandya, Adobe’s lead insights analyst. Shoppers are increasingly using Prime Day as an opportunity for back-to-school shopping, Pandya noted.
Adobe projects that shoppers will spend US $ 7.1 billion on Amazon on Tuesday alone, an 11.3 per cent increase from the previous year. Day 2 is expected to bring US $ 6.9 billion in online sales, a 9.2 per cent increase from last year. Discounts are anticipated to be 20 per cent on clothing and 11 per cent on sporting goods, Adobe estimates. These projections are based on Adobe’s analysis of transaction data from previous Prime Day events.
