Amazon Prime Day shoppers buy up diapers, snacks as inflation shifts consumer habits
Summary
Analysts had warned that inflation could dampen consumers willingness to shell out on a new TV or Echo smart speaker during Prime Day. J.P. Morgan wrote in a note to clients Monday that they projected "slower growth in incremental Prime Day revenue given the challenging macro backdrop." About 34% of surveyed shoppers said they waited for Prime Day to buy something at a discounted price, and 28% passed on a good deal because they didnt view it as a necessity, Numerator found. Prime Day and the other discount events that ran alongside it serve as a good "litmus test" for consumer confidence amid fears of a looming recession, said Daniel Newman, principal analyst at Futurum Research. Many consumers likely reasoned that it made more sense to purchase "15 packages of Kind Bars and three new Echos" when theyre being offered at a discount, instead of waiting, he added.