Early data appears to indicate that Amazon's Prime Day is beginning on a strong note, as it launched on Tuesday and will be running through Wednesday. It seems that despite economic concerns and inflation, customers are still being drawn in by the encouragingly discounted prices on offer.
Early data suggests that Amazon's Prime Day is proving to be a boost to third-party sellers' and other retailers' online sales. Spanning two days, it kicked off on Tuesday and according to Adobe Analytics U.S. online spending rose 6% to a record total of $6.4 billion, making it the most lucrative e-commerce day of the year. Other large retailers responded by running discounts too. Adobe predicts that total U.S. online sales could grow by 9.5% year on year, reaching $13.1 billion, while order sizes have also grown with an average of $56.07 per order. Popular items include home goods, appliances, toys and apparel, as well as Fire TV sticks and Apple Watches.
Analysts and investors will pay close attention to the event, given worries over recent economic uncertainty and slowing consumer spending. However, Jungle Scout data shows that 28% of consumers said their spending increased in the second quarter compared with 23% in the first, suggesting a potential resilience in spending. Although Amazon does not typically provide sales information, data from third parties including Adobe and Salesforce is expected to be released on Thursday.
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