Amazon Prime Day To Generate $23.8 Billion In Online Sales

Online spending is expected to surge to $23.8 billion U.S. among retailers during a 96-hour Amazon Prime Day (AMZN) sales event that begins today (July 8).Adobe Analytics made the forecast as shoppers prepare to take advantage of sales and discounts on products ranging from back-to-school items and electronics. This July’s Prime Day event is the longest one ever, 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 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 U.S. during the two-day Amazon shopping event held a year ago. 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 Walmart (WMT) and Target (TGT), which each have 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 university essentials such as computers are expected to be big sellers for Amazon in the coming days. AMZN stock is up 2% this year and currently trading at $223.47 U.S. per share.