In fact, according to our research, half of all global shoppers will switch brands between now and the end of the year due to pricing. In light of recent economic concerns, consumer loyalty is expanding from convenience and safety to value and experience. This tactic is designed to create the perception of better deals at a time when shoppers are increasingly conscious of their budgets and spend. To combat margin compression, don’t be surprised to see retailers increase base prices while at the same time increasing discount rates. With sales for toys and home appliances decreasing the most during Prime Day – and retail buyers chasing demand with oversized purchase orders last year – we anticipate higher discounts and significant margin pressure going into the holidays. Active footwear saw the biggest year-over-year increase at 23%. Active footwear and haircare zoomed into the top three growers list this year, replacing toys and furniture. Luggage and handbags remained one of the fastest-growing categories this year, but other popular categories changed significantly from last year’s event.
France and Italy saw the greatest discounts, averaging 21% over the two days.
This was also a 23% increase over the discount rates during the 2021 Prime Day. Global discount rates averaged 16% during this two-day period, up 7% compared to the first half of 2022. One key benefit for consumers from this year’s Prime Day? The long-awaited discounting season has finally returned! Discount rates over July 12-13 returned to typical holiday-era levels after a 2021 defined by high demand and low discounting due to inventory scarcity across the supply chain. High-ticket products like electronics and sporting goods saw meteoric holiday sales growth in 2020 and the first half of 2021 - resulting in a market with too much product and not enough customers. Is it shopper burnout or oversaturation in several key markets? Our research suggests the latter. And last year’s event, which took place in the middle of June, was already soft compared to Prime Day in 20. Global online sales for non-Amazon sites were down 12% compared to Prime Day 2021.
And the fastest-growing region for Prime Day was APAC (excluding Japan, Australia, and New Zealand), with 37% year-over-year growth.īut it’s not all good news for the summer shopping extravaganza. online sales grew by 21% over this period. This year was no exception - online sales for brands and retailers selling directly through their own sites grew by 8% on Tuesday and Wednesday during the second week of July compared to the same two-day period in July 2021. Prime Day provides a much-needed boost to the retail industry, with its halo effect increasing sales for even sites other than Amazon. How did shoppers respond to Prime Day this year?Ĭapturing the hearts and minds of shoppers in the middle of summer fun is an uphill battle.
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