Amazon Prime Day sales are expected to reach a record $14 billion, according to data firm | kbnmart

Shoppers are likely to spend about $14 billion during Amazon’s two-day Prime Day shopping event this week, according to forecasts from Adobe Analytics, a company that studies e-commerce transaction data.

Adobe said spending on Amazon on Tuesday and Wednesday could be up 10.5% compared to Prime Day 2023.

The online retailer has been holding Prime Day for a decade, usually in July. Prime Day accounts for between 1% and 2% of Amazon’s global net sales, according to CFRA Research.

Amazon began advertising pre-Prime Day deals in early July on clothing, back-to-school gear, wellness products and electronics, though it moved Prime Day five days back on the calendar this year.

Amazon said the first day of its two-day Prime Day 2023 was its biggest sales day ever, though it doesn’t disclose total Prime Day sales.

According to Adobe, the $12.7 billion Amazon shoppers spent on Prime Day last year was 6.1% more than they spent during the 2022 event.

Amazon Prime Day has turned July, a slow time for retailers, into a season when shoppers look for deals, especially on back-to-school clothing, electronics, school uniforms, backpacks, dorm decor and supplies.

Competitors Walmart and TargetOpens a new tab Major e-commerce companies are also launching sales and marketing events in July in an attempt to beat Amazon at its own game and capture some of the $38.8 billion that the National Retail Federation trade group expects Americans to spend on back-to-school goods this summer.

After years of high inflation, shoppers have put off buying non-essential goods, and retailers are tempting shoppers to break the habit with heavy discounts in July.

“We expect really strong momentum for back to school,” said Vivek Pandya, principal insights analyst at Adobe.

He added that shoppers are now more willing to spend and have started using Prime Day as an opportunity to shop in preparation for back to school.

Adobe said shoppers are expected to spend $7.1 billion at Amazon on Tuesday alone, up 11.3% from a year earlier. The second day is expected to generate $6.9 billion in online sales, up 9.2% from a year earlier, it added.

Adobe expects Amazon to offer discounts of 22% on electronics, 20% on apparel, 17% on home goods and furniture, and 11% on sporting goods.

Adobe’s forecast is based on its analysis of data measuring transactions from previous Prime Days.