The data: Amazon Prime Day participation is expected to rise this year as cash-strapped shoppers concentrate spending around major sales events, according to a recent Omnisend survey.
Behind the numbers: As with last year, consumers are using tentpole sales like Prime Day as an opportunity to stock up on essentials and engage in retail therapy.
Overall, we expect Amazon’s US Prime Day sales to rise 7.1% YoY to $15.68 billion this year. While the retailer will account for 60.3% of total US sales during the four-day period, its grip on shoppers’ attention and budgets is loosening: More than half of consumers (55%) plan to shop with multiple retailers during the event, including Walmart and Target, according to a recent Dynata survey commissioned by Akeneo. Where households choose to spend their dollars will mainly depend on where they can find the best deals, with 55% of consumers citing final product prices as the biggest influence on their Prime Day purchases.
Implications for retailers: Consumers are approaching Prime Day strategically. While the promotion’s earlier timing could benefit Amazon as competitors scramble to get their inventory and promotional strategy in order, comparison shopping could also spur higher sales at Walmart, Target, Best Buy, and other retailers as shoppers prioritize price.
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