Amazon hopes to tempt US shoppers to open inflation-thinned wallets by offering deeper discounts on a wide range of goods and services during this year's 'Prime Day' 48-hour shopping event, including its first-ever travel discounts.
A year of inflation has lifted mortgage rates, rents and food prices for consumers ahead of Prime Day, which falls on July 11-12 this year.
Michael Ashley Schulman, chief investment officer at Running Point Capital Advisors, said Amazon Prime sales growth will be slower this year, as many American consumers still have post-pandemic shopping fatigue and are cautious about "abusing their wallets." Criteo's Global Chief Revenue Officer Brian Gleason said such discounts may have more appeal to shoppers in a more difficult economy.
Home electronics chain Best Buy is also giving out more discounts through its "Black Friday in July" savings event, which also began on Monday.
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