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Strong Amazon Prime Day could help ease recession fears – Ben Laidler, eToro

Written by Ben Laidler, Global Markets Strategist at social investment network eToro

The Amazon ‘Prime Day’ consumer spending extravaganza runs today and tomorrow and is one of the biggest global retail events of the year.

It is a key test for ecommerce sales and retail sentiment with consumers seeing unprecedented pressure from high inflation and economic uncertainty.

Amazon offers deals to its over 200 million Prime members in 20 countries from Austria and Australia to the UK and US, whilst many other retailers, from Walmart to Target, piggyback on the event and offer their own deals.

Prime Day is typically the third largest US retail spending day, with sales estimated near $8 billion this year, an increase of more than 15% from 2021. A strong Prime Day would help ease the rapidly mounting economic recession fears and prove the adage to ‘never underestimate the consumer.

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