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Amazon Prime Day 2022 sales thrive despite current economic situation

Amazon managed to boost its sales on Prime Day 2022.

Amazon Prime Day 2022 is the company’s annual large-scale mid-year sales event that usually takes place in July.

During the annual mid-year sale, the e-commerce platform displays almost all items at a discounted price.

The price reduction will not be limited to one category but will apply to all products including kitchenware, appliances, technology, gardening supplies and more.

However, this year’s Prime Day is a bit different due to the current economic conditions the country is experiencing.

Amazon Prime Day 2022 sales

On day one, Amazon’s U.S. total online retail sales reached approximately $12 billion, nearly 9% more than the e-commerce total generated at the same event the previous year.

The Amazon Prime Day event that took place this year was a huge success due to the marketing strategy the company chose to implement.

Amazon has focused on the amount of money saved by customers rather than the amount made by retailers.

According to Android Police, more than 300 million products were purchased globally in the last two days of Amazon’s shopping holiday. Sales made it the biggest event of its kind in company history.

Amazon says Prime Day sales this year resulted in total savings of $1.7 billion, which is more than any other Prime Day in the past.

Additionally, Amazon’s own devices, Blink, Fire TV and Echo, were among the top-selling categories globally during the sale.

Amazon’s positive sales are a feat in itself during and in the current economic situation. In June 2022, just one month before the event, the consumer price index hit a new all-time high, rising over 9%.

Because of this, many consumers have expressed their intention to reduce spending in virtually every aspect of their lives, including dining out, using subscription services, and driving.

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Concerns about Prime Day 2022

According to Forbes, the recent Amazon event proved that when there is a threat to economic security, consumers will choose to buy the items on sale or go where the deals are.

Consumers’ attention didn’t just focus on the necessities for this event, such as garbage bags, paper towels and water.

Instead, items like diapers, wipes, sunglasses and Le Creuset kitchens were among the most popular items sold, including tech devices like Echo smart speakers, Fire TV sticks and Apple Watch Series 7 watches.

This year’s Prime Day results demonstrate that customers are still willing to shop if prices are reasonable.

Forbes reported that around 35% of people said they waited until Prime Day to make a purchase so they could get a discount.

It was obvious that there were concerns about a slowdown on Prime Day due to rising coronavirus cases, rising interest rates and rising property prices.

Fortunately, business and small business sales did not deteriorate during the event.

It’s safe to say that consumers are willing to spend now to save later if there are items they were hoping to buy anyway.

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