Prime Day 2022 raised the question: what does the continued success of the 48-hour sales extravaganza reveal about retail in the upcoming holiday season? In addition, does the U.S. inflation rate skyrocketing to 9.1% in June 2022 (the highest in the last 40 years) impact what’s to come?
Unstable markets and inflation may have made it appear as though Amazon Prime Day 2022 would turn out to be lackluster, but it ended up being quite the opposite. With, at the rate of 100,000 items per minute, amounting to over $3B in profits, Prime Day 2022 turned out to be the biggest in Amazon’s history.
Much of Prime Day’s success may have to do with the fact that it unofficially rings in the beginning of the return of the retail discounting season. According to a report by Salesforce,due to inventory scarcity across the supply chain. The same report states,"Global discount rates averaged 16% during this two-day period, up 7% compared to the first half of 2022.
Of course, consumer purchases are still split between those made due to lower price points and those tied to brand loyalty. As the holiday season rolls in, consumers may be more inclined to switch their preferences back and forth till the end of the year, with price point and general value being the ultimate determining factor. As such, Amazon’s Prime Day helps retailers worldwide gauge what's to come and where customers stand in terms of needs and desires.
Prime Day 2022 raised the question: what does the continued success of the 48-hour sales extravaganza reveal about what retailers can expect in the upcoming holiday season? In addition, does the U.S. inflation rate skyrocketing to, there is a clear correlation between promo intensity for Amazon Prime Day sales and the ensuing Black Friday deals for the major categories, which tend to be under heavy promotions during these mega-events.
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