E-commerce giant Amazon’s (AMZN) latest Prime Day drove $24.1 billion U.S. in online spending from July 8-11, a 30% increase from the summer 2024 sales event.
The boost in sales comes as Amazon doubled the length of its July Prime Day event to four days from two in previous years. The company also holds a Prime Day in October each year.
According to data from Adobe Analytics (ADBE), this latest Prime Day drove sales that were double the $10.8 billion U.S. that people spent on Black Friday last November.
Amazon won big with the latest Prime Day. Data suggests about 52,000 households shopped on Amazon.com during the event, placing more than 150,000 orders that averaged $53.34 U.S.
Management at Amazon said that its latest Prime Day was its biggest sales event ever, with record sales and more items sold during the four days than any previous discount period.
However, competitors such as Walmart (WMT) and Target (TGT) held sales events of their own over the same four days as Amazon, seeking to capitalize as consumers sought deals.
Not only were more deals available across various retailers this year, but the four-day period gave consumers more time to do research and compare prices, say analysts.
Amazon said that it expects revenue across its brands will increase 9.7% from last July, even though sales were initially soft the first and second day of this year’s Prime Day event.
Demand and sales accelerated in the last two days of the extravaganza, with sales up 165% year-over-year on July 10 alone.
Back-to-school items were big sellers during the four-day event, as were household essentials and computers and electronics. Two-thirds of Prime Day items sold for under $20 U.S.
AMZN stock has gained 2% this year to trade at $225.02 U.S. per share.
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