{"id":25941,"date":"2023-06-22T09:00:04","date_gmt":"2023-06-22T13:00:04","guid":{"rendered":"https:\/\/ifintechworld.com\/investing\/amazon-prime-day-is-fast-approaching\/"},"modified":"2023-06-22T09:00:06","modified_gmt":"2023-06-22T13:00:06","slug":"amazon-prime-day-is-fast-approaching","status":"publish","type":"post","link":"https:\/\/ifintechworld.com\/?p=25941","title":{"rendered":"Amazon Prime Day Is Fast Approaching"},"content":{"rendered":"<div>\n<h2 class=\"subhead-embed color-accent bg-base font-accent font-size text-align\">Key takeaways<\/h2>\n<ul>\n<li>Amazon has announced its flagship shopping event, Prime Day, will be taking place 11-12 July<\/li>\n<li>The last two years combined have generated around $20 billion of sales for the company<\/li>\n<li>The announcement wasn\u2019t enough to stop Amazon stock from dipping as the FTC confirmed it was suing Amazon for misleading Prime subscription holders<\/li>\n<\/ul>\n<p>Love it or hate it, Amazon Prime Day is a major online shopping event &#8211; and this year\u2019s dates have just been announced. Investors are keen to see another successful Prime Day, with last year\u2019s $12 billion in sales as the benchmark.<\/p>\n<p>The two-day discount bonanza has become an interesting litmus test for American household spending habits, especially amid sticky inflation. But the announcement wasn\u2019t enough to quell investor fears over the FTC suing the online shopping giant over allegedly trapping millions of Prime subscribers. Here\u2019s the latest.<\/p>\n<p><em>Amazon Prime Day holds even more significance this year as a test of how inflation battles affect household spending. You can help tackle inflationary pressure on your portfolio with Q.ai\u2019s <\/em><em data-ga-track=\"ExternalLink:https:\/\/learn.tryq.ai\/blog\/inflation-kit?utm_campaign=Forbes&amp;utm_medium=article&amp;utm_source=Forbes\">Inflation Protection Kit<\/em><em>, which holds a selection of inflation-busting assets like TIPS, precious metals and commodities to help you build wealth.<\/em><\/p>\n<p><fbs-ad position=\"inread\" progressive=\"\" ad-id=\"article-0-inread\" aria-hidden=\"true\" role=\"presentation\"><\/fbs-ad><\/p>\n<p><em>The secret ingredient is AI, which does the heavy lifting with the weekly data so you don\u2019t have to. It then predicts which assets could perform the best for the week and realigns the Kit\u2019s holdings as needed to help you maximize your investment.<\/em><\/p>\n<p><em data-ga-track=\"ExternalLink:https:\/\/refer.tryq.ai\/rPJtRhhOUyb\">Download Q.ai today<\/em><em> for access to AI-powered investment strategies.<\/em><\/p>\n<h2 class=\"subhead-embed color-accent bg-base font-accent font-size text-align\">When is Amazon Prime Day?<\/h2>\n<p>Amazon Prime Day is Amazon\u2019s annual shopping event. It was first introduced in 2015 and is now akin to the infamous Black Friday rush we see after Thanksgiving. Amazon Prime Day will take place on the 11-12 July this year, so there\u2019s plenty of time for shoppers to plan their new purchases ahead of time.<\/p>\n<p>This year, Amazon has promised more deep discounts to top brands and its product lines. Shoppers can look forward to 60% off Amazon devices and up to 70% off their most beloved brands.<\/p>\n<p>In a twist to the usual spending bonanza, the e-commerce titan will introduce exclusive deals for its Prime members. These invite-only offers will let Prime customers request invites to top-selling items ahead of non-Prime customers.<\/p>\n<p>Amazon Prime Day deals will even appear on other retailer websites through the Buy with Prime program, where online shops can use Amazon\u2019s payment and fulfillment services, getting even more eyeballs on the upcoming event.<\/p>\n<p>Amazon first introduced the event in a bid to increase its Prime user base, with the exclusive deals this year taking that effort a step further. There are 200 million Prime members across 20 countries, with 153 million of those based in the U.S.<\/p>\n<h2 class=\"subhead-embed color-accent bg-base font-accent font-size text-align\">The litmus test for consumer spending<\/h2>\n<p>Amazon Prime Day was quickly copied by other top retailers like Target, Walmart and Best Buy as they rushed to match the discounts. The shopping events have turned an otherwise slow season for retailers into a revenue-driving festival, which has become particularly popular as inflation bites household spending.<\/p>\n<p>In 2022, online sales for Amazon Prime Day hit $12 billion across the two-day event, while the year before drew in $11.2 billion worth of sales. It\u2019s obviously been a huge success for Amazon and the prediction is that many Americans will be on the site looking for deals this year, too.<\/p>\n<p>Headline inflation is currently at 4% in the U.S. and down from the 9.1% peak last year. The sheer breadth of wares Amazon sells is a sure-fire predictor of success for the event. While cash-strapped U.S. households might not be in need of a discounted appliance, they require their everyday essentials, which Amazon Prime Day offers discounts on.<\/p>\n<p>And those who have spending power will still be a factor. The U.S. Commerce Department reported a 0.3% rise in May retail and food services sales, with furniture, electronics, sporting goods and other categories all up. Paired with historically low levels of unemployment, there\u2019s a potential double-whammy of cash-squeezed bargain hunters and wealthier households flocking to Amazon Prime Day.<\/p>\n<h2 class=\"subhead-embed color-accent bg-base font-accent font-size text-align\">What else is happening with Amazon?<\/h2>\n<p>Amazon\u2019s dominance over online shopping has slowly marched the company to within touching distance of the top spot. JPMorgan analysts predicted the online shopping giant would overtake Walmart as the top U.S. retailer next year, citing Amazon&#8217;s 40% e-commerce market share as a key driver for the change in the retailer world order.<\/p>\n<p>It\u2019s also moved a tiny step towards its proposed $1.7 billion takeover of iRobot after the U.K. Competition and Markets Authority (CMA) said it had approved the deal after deeming it competitive enough to move forward. iRobot shares surged 18%, but Amazon\u2019s declined 1.2% at the time.<\/p>\n<p>But it hasn\u2019t been sunshine and roses for Amazon this week &#8211; especially regarding Prime memberships. The Federal Trade Commission (FTC) is suing the company for allegedly duping and trapping millions of consumers into expensive Prime subscriptions without offering clear cancellation options.<\/p>\n<p>FTC chairwoman, Lina Khan, said in a statement that \u201cThese manipulative tactics harm consumers and law-abiding businesses alike\u201d and that the agency would continue to protect consumers from \u201cunfair or deceptive practices in digital markets\u201d.<\/p>\n<h2 class=\"subhead-embed color-accent bg-base font-accent font-size text-align\">Amazon\u2019s stock performance this year<\/h2>\n<p>Even though Amazon Prime Day was announced, the stock price dipped slightly by 1% thanks to the negative headlines about the FTC bombshell. Amazon stock is currently trading at $124.83.<\/p>\n<p>But investors are hopeful for the stock\u2019s long-term potential. Thanks to the generative AI boom that swept the tech market, Amazon has gained 45% in its stock price this year. Amazon might not be the first name that comes to mind in the bruising AI race, but the tech\u2019s potential to transform the business makes Amazon a sleeper stock for the AI revolution.<\/p>\n<p>Jefferies analysts have recently upgraded Amazon\u2019s share price target from $135 to $150, citing AI\u2019s potential in Amazon\u2019s cloud computing business.<\/p>\n<h2 class=\"subhead-embed color-accent bg-base font-accent font-size text-align\">The bottom line<\/h2>\n<p>Amazon Prime Day has become a key shopping event for global consumers &#8211; especially for those in the U.S. Investors will be looking to see that the success of previous years can be matched or hopefully surpassed as inflation continues to eat into household budgets.<\/p>\n<p>Economists will also be keen to see the results of the two-day shopping extravaganza to see how American households are weathering ten rate increases from the Fed in a very short space of time. If we see a dip in Amazon Prime Day sales, it could be an interesting reflection that the Fed\u2019s monetary policy is having the desired effect to tame inflation further.<\/p>\n<p><em>Amazon has expanded past its shopping origins to become a full-on tech company, with generative AI leading its future. You can invest in the companies developing the cutting-edge tech of tomorrow with Q.ai\u2019s <\/em><em data-ga-track=\"ExternalLink:https:\/\/learn.tryq.ai\/blog\/emerging-tech-kit?utm_campaign=Forbes&amp;utm_medium=article&amp;utm_source=Forbes\">Emerging Tech Kit<\/em><em>, which uses an AI algorithm to predict where the top-performing tech stocks and ETFs might be.<\/em><\/p>\n<p><em>The algorithm sifts through the weekly data to work out where it might be best to invest your money. It then weights the Kit\u2019s holdings accordingly to help you generate the returns and navigate the tricky tech market without the upfront work.<\/em><\/p>\n<p><em data-ga-track=\"ExternalLink:https:\/\/refer.tryq.ai\/rPJtRhhOUyb\">Download Q.ai today<\/em><em> for access to AI-powered investment strategies.<\/em><\/p>\n<\/div>\n<p>Read the full article <a href=\"https:\/\/www.forbes.com\/sites\/qai\/2023\/06\/22\/amazon-prime-day-is-fast-approachingheres-what-it-means-for-amazon-stock-and-consumer-spending\/\" target=\"_blank\" rel=\"noopener\">here<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Key takeaways Amazon has announced its flagship shopping event, Prime Day, will be taking place 11-12 July The last two years combined have generated around $20 billion of sales for the company The announcement wasn\u2019t enough to stop Amazon stock from dipping as the FTC confirmed it was suing Amazon for misleading Prime subscription holders [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":25942,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[239],"tags":[83],"class_list":["post-25941","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-investing","tag-featured"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v20.6 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Amazon Prime Day Is Fast Approaching | iFintechWorld<\/title>\n<meta name=\"description\" content=\"Key takeaways Amazon has announced its flagship shopping event, Prime Day, will be taking place 11-12 July The last two years combined have generated\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/ifintechworld.com\/?p=25941\" \/>\n<meta property=\"og:locale\" content=\"en_US\" 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