In the midst of soaring inflation, Amazon’s Prime Day-like event kicks off the holiday bargain frenzy

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Last Updated on October 11, 2022 by Bitfinsider

Amazon kicked off the holiday shopping season with its second major sales event of the year, while competitors like as Walmart and Best Buy joined in with discounts to attract shoppers with inflation-squeezed holiday budgets.

The two-day “Prime Early Access Sale” for Amazon members, which begins on Tuesday, October 11th, is similar to the Prime Day summer marketing blitz and will compete with early discounts from competing businesses.

“This year, retailers will likely compete harder and sooner for perhaps fewer dollars. The prevalent belief is that the early bird catches the worm “According to Spieckerman Retail’s president, Carol Spieckerman.

Walmart is planning a “Rollbacks and More” sale event from October 10 to 13 to compete with Amazon’s discount days.

Kohl’s and Best Buy’s 48-hour sales coincide with Amazon’s event, although Target’s “Deal Days” ran from October 6 to 8, avoiding a conflict with Amazon.

“Middle- to upper-income customers are more likely to take advantage of the present bargains to get a head start on the holiday season,” said Joseph Feldman, an analyst at Telsey Advisory Group. “At the lower end of the income range, consumers may hold off and purchase closer to their needs.”

Additionally, inflation and early discounting are anticipated to reduce holiday spending for the entire year. Adobe Analytics predicts that online holiday sales in the United States would increase at the weakest rate since at least 2015, increasing barely 2.5% to $209.7 billion.

However, the early start to the holiday shopping season is not unexpected.

Due to consumers’ reduced discretionary spending, major retailers such as Target and Walmart have been offering steep discounts for months to get rid of excess inventory that accumulated up. Some of them even offered deals that competed with Amazon’s Prime Day specials in July.

According to Adobe, Amazon generated approximately $12 billion in sales at the time.

“This holiday season, retailers are using aggressive incentives to attract customers,” Spieckerman explained.

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