Amazon's annual Prime Day for gold members is set to be hot on July 16-17. According to Adobe Analytics, during the two-day shopping event of Amazon Prime Day this week, shoppers may spend about $14 billion, an increase of 10.5% from last year's Prime Day.
On July 16-17, global e-commerce retail giant Amazon's annual Prime Day for gold members is set to be hot, with sales expected to reach new heights this year.
According to the forecast of the US e-commerce research institution Adobe Analytics, during the two-day shopping event of Amazon Prime Day this week, shoppers may spend about $14 billion, an increase of 10.5% from last year's Prime Day.
Adobe data shows that during last year's Prime Day, shoppers spent $12.7 billion on Amazon, a 6.1% increase from the 2022 event.
Adobe said that shoppers' spending on Amazon on Tuesday alone may reach $7.1 billion, an 11.3% increase over the same period last year. The expected online sales on Wednesday will reach $6.9 billion, an increase of 9.2% over the same period last year.
Adobe predicts that Amazon will offer a 22% discount on electronics, a 20% discount on outfits, a 17% discount on home and furniture products, and an 11% discount on sporting goods.
Amazon has been holding its Prime Day event since 2015, usually in July. This 48-hour shopping carnival is one of Amazon's largest promotional events of the year, only open to Prime members. Members can enjoy huge discounts on technology products, returning to school supplies and other items, making it the Amazon version of "Double 11".
According to data from market research firm CFRA Research, Prime Day's sales account for 1% to 2% of Amazon's global net sales.
After experiencing inflation in recent years, consumers have postponed the purchase of non-essential items, and retailers are using big discounts in July to encourage them to break this habit.
Amazon's competitors Walmart and Target have also launched July discounts and marketing campaigns in an attempt to grab a share of this hot shopping season from Amazon.
The National Retail Federation predicts that Americans will spend $38.8 billion on back-to-school items this summer.
"We expect back-to-school shopping to be very strong," said Vivek Pandya, chief insights analyst at Adobe. He said that consumers are now more willing to spend money and have started to see Prime Day as a good opportunity to shop for back-to-school items.