Though retail sales have been growing more than expected, growth based almost entirely on Prime Day indicates Amazon's dominance in the US market:
These analysts believe — based on data derived from BofA's credit card sales in the period — that the uptick was largely driven by Prime Day, Amazon's two-day sales holiday held on July 15-16 this year, which was projected to have raked in $7.2 billionThough retail sales have been growing slightly more than expected in the past few months after a downturn earlier in 2019, growth based almost entirely on Prime Day is another indicator of the brand's dominance in the US market.
Prime Day's impact is growing on an annual basis. The sale has grown substantially year-over-year: In 2018, Prime Day drove $4.2 billion in Amazon sales — 71% less than this year's total — though the event was 12 hours shorter, per Internet Retailer. That growth has propped up retail sales across the board: BofA and Merrill Lynch said that this year's impact was"large" after more"modest" gains in 2018 and"negligible" spend in 2017 and 2016, per CNBC.
Though Prime Day's impact on US retail sales likely came largely from Amazon, promotions from other retailers drove spending too. Wean on-site survey of Business Insider readers asking about their shopping habits on Prime Day. While the sample isn't general population data, we think it provides a clue into consumer behavior around the shopping event.
Most respondents shopped with Amazon for Prime Day — indicating that the promotion is working best on Amazon's proprietary site. Fifty-eight percent of respondents shopped with Amazon, with over one-third spending more than $100 on the site during the Prime Day promotion. This was likely driven in part by free shipping — offered as a feature of Prime Day — and could help continue to grow sales in the future.
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