American shoppers spent big during Amazon.com’s (AMZN) two-day Prime Day sales event, according to new estimates.
Amazon, which doesn’t disclose specific revenue numbers for Prime Day, announced that this year’s event was the most successful in its 10-year history in terms of sales and items sold. Adobe Analytics reported that American shoppers spent approximately $14.2 billion at online retailers over the two-day event on Tuesday and Wednesday.
Amazon also noted that a record number of customers signed up for Prime in the three weeks leading up to the event. Earlier in the week, Adobe had predicted total online retail spending would reach $14 billion, marking an increase of over 10% from last year’s Prime Day.
Back-to-School and Electronics Categories See Gains
This year’s event, held later in the month compared to last year, may have boosted sales of back-to-school items such as backpacks, school supplies, and youth apparel, according to Adobe. Larger purchases, including electronics and furniture, also saw increased popularity this year.
Sales were evenly distributed across both days of the event, Adobe reported. Several Amazon competitors, including Target (TGT), Walmart (WMT), and Macy’s (M), held their own sales events around the same time as Prime Day.
Despite the record-breaking sales, Amazon’s shares fell more than 2% on Thursday amid a broader pullback in big tech stocks that have driven market gains this year.
Amazon highlighted that this year’s Prime Day set records for both sales and items sold, although it did not provide specific numbers. Adobe Analytics’ analysis indicated that Americans spent just over $14 billion across online retailers during the two-day span.
Source: https://www.investopedia.com/amazon-prime-day-sales-results-adobe-analytics-ecommerce-retail-8679923