Amazon's Prime Day Hits $6.4B in Sales Despite US Consumer Spending Falling Short of Estimates

Amazon.Com, Inc's AMZN U.S. consumers spent $6.4 billion online in the first 24 hours of its Prime Day, up by 6% year-on-year.

Consumer spending fell short of estimates, Bloomberg cites Adobe Inc ADBE.

The 48-hour event, which marked its ninth year, began Tuesday and runs through Wednesday. 

As of 8 a.m, New York time, the average order size was $56.64, up 7% Y/Y, Numerator said Wednesday, Bloomberg writes. 

Home goods and household essentials were the best-selling categories. Adobe said buy now, pay later services accounted for about 6% of orders, up almost 20% from 2022.

Adobe and Insider Intelligence previously estimated the Y/Y sales to rise between 9.5% - 11%.

Amazon launched Prime Day in 2015 to tap new subscribers hunting for discounts. About 167 million Amazon shoppers in the U.S. had Prime memberships as of March, unchanged Y/Y.

The company launched its 2023 Prime Day extravaganza offering deeper discounts on a wide range of goods and services, including its first-ever travel discounts.

Price Action: AMZN shares traded higher by 0.92% at $129.27 on the last check Wednesday.

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