Amazon sets Prime Day for July 11-12 in big test of consumer discretionary spending
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Amazon (NASDAQ:AMZN) said it will run its annual Prime Day event on July 11-12 this year with new deals scheduled to drop every 30 minutes over a 45-hour period.
The e-commerce giant mentioned deals will be offered on products from LancÃ´me, KÃ©rastase, Peloton Interactive (PTON), Victoriaâs Secret (VSCO), Yeti (YETI), The Drop, and Sony (SONY). The shopping event will also include new Amazon-exclusive deals from DâAmelio Footwear, OPI, and Alo Yoga. Amazon (AMZN) is also expected to offer deals on its Amazon Echo devices and Eero mesh Wi-Fi systems.
The Prime Day sales will simultaneously take place in Australia, Austria, Belgium, Brazil, Canada, China, Egypt, France, Germany, Italy, Japan, Luxembourg, Mexico, the Netherlands, Poland, Portugal, Saudi Arabia, Singapore, Spain, Sweden, Turkey, the United Arab Emirates, the U.S., and the UK. India is notably missing from that list.
Amazon (AMZN) did not say if it will hold a second Prime Day shopping event in October like it did last year.
What to watch: Walmart (WMT) and Target (TGT) typically run overlapping promotions with Amazon Prime Day. Retailers like Best Buy (BBY), Kohl's (KSS), and Overstock.com (OSTK) have also been aggressive in the past in scrapping for sales with deals. The SPDR S&P Retail ETF (NYSEARCA:XRT) is up 5% over the last four weeks after hitting its 2023 low. Analysts think Amazon Prime Day will be a significant test of consumer discretionary spending ahead of the back-to-school and holiday season in the back half of the year.
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