Amazon’s (NASDAQ:AMZN) Prime Day got off to a flying start as shoppers spent an estimated $7.2 billion online on the first day in the U.S., according to Adobe Analytics. To attract more shoppers to their stores and e-commerce websites, major retailers like Walmart (NYSE:WMT) and Target (NYSE:TGT) have launched sales to compete with Amazon’s event.
Other Details About AMZN’s Prime Day Event
According to Adobe Analytics, back-to-school spending rose 210% on Tuesday compared to June 2024, with total online sales up 11.7% on July 16. Last year, shoppers spent $12.7 billion online across retailers over two days during the Prime Day event.
This year, Amazon also offered early access to deals before the start of the two-day event to boost demand. According to another data firm, Numerator, the average spend per order was $60.03 in the first 32 hours, up from $56.64 in 2023.
Amazon started Prime Day around nine years ago, and it clocked sales worth $13 billion last year. According to eMarketer, Prime Day generated $13 billion in sales last year, with Amazon accounting for 60% of those sales, while third-party sellers made up the remaining portion. In total, Amazon Prime members bought over 375 million items last year.
According to the TipRanks “Bulls Say, Bears Say,” analysts bullish on AMZN consider the Prime Day event to be a major event that is likely to “draw more consumers who spend more.”
Is Amazon a Buy, Sell, or Hold?
Analysts remain bullish about AMZN stock, with a Strong Buy consensus rating based on a unanimous 44 Buys. Over the past year, AMZN has surged by more than 40%, and the average AMZN price target of $223.05 implies an upside potential of 18.7% from current levels.
