Amazon's shares increased nearly 4% following reports of stronger-than-expected consumer spending during its Prime Day event from June 23-26. Adobe Analytics data showed US online retail sales reached $26.4 billion, a 9.3% rise from last year and slightly above projections. Major retailers like Walmart and Target also participated, with shoppers focusing on electronics, appliances, and home goods. The event saw steady discount levels and a rise in purchases of higher-priced items, highlighting Prime Day's growing significance in the retail calendar.
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Amazon's Prime Day event generated a record $26.4 billion in U.S. online spending over four days, slightly surpassing Adobe's estimate of $26.3 billion. The sales surge was driven by steady discounts on electronics, apparel, and toys, with consumers ...
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