The firm maintains an outperform rating on Amazon's stock. "In the midst of a slower consumer spending environment, we believe Amazon's Prime Day 2023 created a spark of spending across retail," Telsey Advisory Group analysts wrote in a note to clients Wednesday. Excluding food and energy, core inflation rose 4.8% on an annual basis. inflation cooled in June, rising 3% year over year, its lowest rate in more than two years. Fire TV sticks and Apple Watches were also top-selling items.Īnalysts and investors will keep a close eye on the event to see whether economic uncertainty puts pressure on consumer spending. Both Adobe and Numerator said consumers are snapping up home goods and appliances, household essentials, toys and apparel. consumers spent more than $11.9 billion.Īs of midday Wednesday, Prime Day shoppers spent more per order, with an average order size of $56.07, compared with $53.14 a year ago, according to data from Numerator. online sales to grow 9.5% year over year to $13.1 billion during the two-day event. Other large retailers including Walmart, Target, Kohl's and Best Buy have been running discounts to compete.Īdobe expects total U.S. Amazon launched the event in 2015 as a way to hook new Prime subscribers and deepen existing members' loyalty to the program, as well as promote its own products and services. Prime Day kicked off Tuesday and runs through Wednesday. Personal Loans for 670 Credit Score or Lower Personal Loans for 580 Credit Score or Lower Best Debt Consolidation Loans for Bad Credit
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