Amazon’s October Prime Day two-day sales ended on a high note, with the e-commerce giant reporting that this year’s holiday kick-off event “outpaced last year’s.” However, it fell short of July’s Prime Day record-breaking $13 billion.
“Prime Big Deal Days was a strong start to the holiday shopping season, with more Prime members shopping this year,” said Doug Herrington, CEO of Worldwide Amazon Stores, in a press release.
The event surpassed expectations, with 25 million items sold on its first day. This is the second year Amazon has held two-day sales in October.
By the digits: How much Prime Day shoppers shelled out
Data firm Numerator surveyed 3,000 US shoppers for an early read on the Prime Day sale numbers. Here are some of their findings:
$55.86: The average spend per order, slightly lower than that of July
$108.86: The average household spent during the two-day sale
48%: Share of households that bought two or more items
6%: Share of consumers that placed more than five orders within the first 30 hours
22%: Items purchased that were priced under $20
17%: Items purchased that were priced under $100
American shoppers’ tightening wallets
With economic factors like sustained inflation and student loan repayments resuming this month, consumer savings are down, and shoppers are feeling the strain of the holiday season, according to Natalie Kotlyar, national retail and consumer business practice leader at BDO, an advisory firm.
“Consumers are spending and likely purchasing the same number of gifts for the holidays, but we will likely see a lower dollar value per gift,” she told Quartz in an email.
Numerator’s survey showed that nearly half of Prime Day shoppers held off from buying items until the sales, while one-third bought general sale items. More than half checked competing retailers for better prices.
Kotlyar added that consumers are much smarter in detecting false discounts (or significant markdowns on inflated prices), and retailers should keep in mind that shoppers would seek “legitimate discounts.”
Shoppers turn to AI for help
According to digital marketing firm Criteo, 4 in 10 shoppers will look for presents in physical stores this year. Additionally, 1 in 5 shoppers will use curated gift lists, while 4 in 5 shoppers find AI chatbots useful in identifying the best prices, answering product questions, and generating gift ideas.
Both Numerator and Criteo predict that Black Friday will be the major shopping event for consumers to save. However, Kotlyar noted that retailers shouldn’t rely too heavily on a strong winter season.
“Overall, we expect to see more muted average sales during the holidays this year, with a strong divide between those who are already thriving and those in a more challenging financial position,” she wrote.
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