Image Source: Amazon
Amazon.com has made it official. Its annual Prime Day sales event will kick off on July 11 and conclude on July 12. The big question facing Amazon and all its rivals likely to run competitive promotions is whether consumers will use this as an excuse to increase their spending or sit it out as they continue to limit purchases due to inflation.
Similar questions were asked last year about Amazon’s Prime Day prospects in the lead-up to the event. Amazon didn’t provide sales details when the dust cleared but called the 2022 promotion its “biggest Prime Day event” ever.
Adobe Analytics estimated that Prime members spent 8.5 percent more during the 2022 event than they did a year earlier.
The retail and technology giant promises plenty of big discounts on name-brand products with its lowest prices of the year on merchandise from companies including Bose, Hey Dude, and Theragun.
Amazon said that new deals will go public every 30 minutes over the two days and that members can get access to some of the best bargains by signing up for its “all-new Invite-only deals program.” Prime members who are selected will receive notifications on purchasing items at exclusive prices.
Subscribers to Amazon’s program can sign up to get deal alerts on items they recently searched or viewed on the platform. Members can sign up by visiting the Prime Day page on Amazon’s app. Push notifications will be sent once the event launches.
In its typical fashion, Amazon is offering pre-Prime Day deals to keep consumers spending ahead of the promotion. Some of Amazon’s best deals are on its own devices.
Amazon is also looking to jumpstart its back-to-school and college sales with shopping guides meant to alleviate some of the work students and their parents must do to prepare for the upcoming academic year.
Prime Day will run into consumer spending headwinds created by inflation. Research from the National Retail Federation (NRF) shows that retail dollar sales, excluding auto dealerships, gas stations and restaurants, were up 4.4 percent year-over-year for the first five months of 2023. Dollar growth has trailed inflation, pointing to lower unit purchases year-over-year.
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