their spending in recent months amid high inflation and wider economic uncertainty retail sales fell a worsethanexpected 11 in december following a revised 1 drop in november according to the commerce department to entice budgetconscious shoppers amazon along with other retailers began offering holiday deals in october the company said in november it saw its biggest ever thanksgiving holiday shopping period but thursdays report shows its online stores division fell by 2 we saw customers spend less in discretionary categories shift to lowerpriced items and valuebrands amazons chief financial officer brian olsavsky said during a media call thursday adding the company was seeing lower growth rates internationally as consumers abroad feel the effects of high inflation and the economic repercussions of war in ukraine amid the consumer pullback in online shopping the company has relied on other profitable areas of its business to boost its revenue amazons advertising arm saw a 23 growth during the fourth quarter but its been slowing in growth as businesses cut their advertising costs meanwhile its cloudcomputing unit aws grew by 20 compared to 40 during the same period in 2021 jassy said in an earnings call with analysts on thursday that businesses that would use the service are being more cautious and looking for ways to save money were going to help our customers find ways to spend less money he said amazons physical stores unit which includes whole foods grew by 6 but saunders said much of the could be tied to inflation rather than more sales ap published on feb 3 2023 at 1219 pm ist telegram facebook copy link be the first one to comment comment now comments comment now read comment 1 all comments post post find this comment offensive choose your reason below and click on the submit button this will alert our moderators to take actions reasons for reporting foul language defamatory inciting hatred against a certain community out of context spam others report join the community of 2m industry professionals subscribe to our newsletter to get latest insights analysis download etretail app get realtime updates save your favourite articles scan to download app amazon q4 revenue advertising demand interest rate inflation revenue homenewsamazon beats q4 revenue estimates but profits slump