Black Friday and Cyber Monday are arguably the most anticipated shopping days of the year, but a new research suggests Amazon Prime Day may be giving them some competition.
Amazon Prime Day is a sales event in which consumers who are part of Amazon’s Prime membership program gain access to exclusive discounts on items purchased on the shopping platform. This year, Amazon Prime Day will be a two-day event, taking place July 15-16.
In a survey of more than 1,000 people by consumer engagement firm Valassis, more than two-thirds of respondents — 68% — said they have either shopped on Prime Day in the past, or will do so this year. Among current Prime members, an overwhelming percentage — 91% — have either shopped on Prime Day in the past or will do so this year.
Those who have shopped on Prime Day in the past appear to be pleased with their experience as 46% of respondents said they find greater savings on Amazon Prime Day than they do on Black Friday or Cyber Monday.
Amazon Prime Day also kicks off back-to-school shopping
The popularity of Amazon Prime Day also fuels the back-to-school shopping season, according to new research from savings platform RetailMeNot. In fact, a survey of 1,031 parents who will be doing back-to-school shopping found that 64% of them will be taking advantage of Prime Day this year, spending on average $162 on Amazon Prime Day — or 35% of their total back-to-school shopping budget.
The RetailMeNot study also revealed that Prime Day-related offers from retailers have grown in recent years. In 2018, the number of offers increased by 45% over the year before. RetailMeNot also predicts that more than 250 retailers will feature deals on Prime Day or throughout that week. In addition, RetailMeNot surveyed retailers and found that 84% said the week of Prime Day is the most important time for online sales during the back-to-school shopping season. The average parent expects to shop at 11 retailers during the Prime Day sales period, the RetailMeNot survey found.
Last year, more than 100 million products were sold on Prime Day with estimated total sales of $4 billion — a 33% increase over the year before, according to wealth management firm WedBush Securities.
“Amazon Prime Day has become the Black Friday of summer, creating much anticipation over what deals will be offered, while also resulting in opportunities for other retailers to join this competitive, mid-summer shopping holiday,” said Carrie Parker, vice president of marketing for Valassis, in a press release.
Preparing for the new school year can take a toll on your budget, so it’s a good idea to make a plan for shopping for back-to-school supplies. Once you have a list of what you will need to buy, you can begin to comparison shop for the best prices. One good thing about checking out Amazon Prime Day sales is that the shopping event happens early in the back-to-school shopping season. If you don’t find what you’re looking for, you’ll still have time to search for a good deal.