Online spending is expected to surge to $23.8 billion across U.S. retailers during a 96-hour Amazon Prime Day (AMZN) sales event that begins on July 8.
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Adobe Analytics made the forecast as shoppers prepare to take advantage of sales and discounts on products ranging from back-to-school gear and electronics. This July’s Prime Day event is the longest one yet, running over four consecutive days from July 8 to 11. Previous Prime Days lasted one or two days.
With the additional two days, online sales from the the latest Prime Day are projected to rise 28.4% from the same event held in July 2024, says Adobe Analytics. Retailers racked up online sales of $14.2 billion during the two-day Amazon shopping event held a year ago. “This is equivalent to two Black Fridays,” said Adobe Analytics in a news release.
Budget-Conscious Consumers
Analysts say that Amazon is targeting budget-conscious consumers as we enter the busy back-to-school shopping season. With data showing the U.S. economy is beginning to slow, and with tariff uncertainty remaining high, many consumers are on the hunt for deals and bargains this summer.
Amazon has extended its sales window to 96 hours from 48 hours as the e-commerce giant faces competition from discount rivals such as Walmart (WMT) and Target (TGT), which have launched their own competing summer sales promotions.
Adobe says that clothing is likely to see the deepest discounts during the Prime Day event at 24%, up from 20% last year, while discounts on electronics are expected to dip slightly to 22%. Sales of backpacks, lunchboxes, and college essentials such as computers are expected to be big sellers for Amazon.
AMZN stock is up 2% this year.
Is AMZN Stock a Buy?
AMZN stock has a consensus Strong Buy rating among 48 Wall Street analysts. That rating is based on 47 Buy and one Hold recommendations assigned in the last three months. The average Amazon price target of $244.53 implies 9.45% upside from current levels.
