Amazon Stock Falls as Prime Day Spending Data Shows Shift in Consumer Behavior
U.S. shoppers spent a record $26.4 billion during Amazon's four-day Prime Day period, according to Adobe Analytics, marking a 9.3% increase from the previous year. However, despite overall growth, data indicates that consumers are spending less per order and household compared to last year while also distributing their purchases across multiple retailers like Walmart, Target, Best Buy, and Kohl's. This shift in consumer behavior is occurring as Amazon prepares for its second-quarter earnings report on July 30. The trend highlights a growing competition from other major retailers during the Prime Day period, which has transformed into one of summer’s biggest shopping events beyond just Amazon. Amazon shares fell about 4.6% to $233.66 in early July amid broader pressure on tech stocks and concerns over AI infrastructure costs.
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Topics: Amazon consumer spending trends Prime Day stock performance