Amazon's Prime Day Hits $6.4B in Sales Despite US Consumer Spending Falling Short of Estimates
Portfolio Pulse from Anusuya Lahiri
Amazon's Prime Day sales reached $6.4 billion in the first 24 hours, a 6% increase year-on-year, despite consumer spending falling short of estimates. The average order size was $56.64, up 7% Y/Y. Home goods and household essentials were the best-selling categories. Adobe and Insider Intelligence had previously estimated the Y/Y sales to rise between 9.5% - 11%.
July 12, 2023 | 5:24 pm
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POSITIVE IMPACT
Amazon's Prime Day sales were up 6% YoY, but fell short of estimates. The average order size increased by 7%.
Despite falling short of estimates, Amazon's Prime Day sales still increased year-on-year, which could be seen as a positive sign by investors. The increase in average order size also indicates strong consumer spending, which could potentially boost Amazon's revenues.
CONFIDENCE 90
IMPORTANCE 80
RELEVANCE 100
NEGATIVE IMPACT
Adobe's estimates for Amazon's Prime Day sales were not met.
Adobe's estimates for Amazon's Prime Day sales were not met, which could potentially impact investor confidence in Adobe's ability to accurately forecast consumer spending trends.
CONFIDENCE 80
IMPORTANCE 60
RELEVANCE 50