Adobe Analytics forecasts that the 2024 Prime Day event, held on July 16-17, will generate a record $14 billion in online sales for U.S. retailers, a 10.5% year-over-year increase. Adobe’s report is based on data from over one trillion visits to U.S. retail sites, covering 100 million SKUs and 18 product categories.

Key Predictions:

• Day 1 (July 16): $7.1 billion in sales, up 11.3% YoY (Year-Over-Year), with $3.4 billion from mobile shopping.
• Day 2 (July 17): $6.9 billion in sales, up 9.2% YoY.
• Overall: $14 billion total, a 10.5% YoY increase.

Discounts and Spending:
Steeper discounts will drive sales, with electronics seeing the biggest cuts at 22% off (compared to 14% last year). Other notable discounts include:

• Apparel: 20% off (vs. 12% last year)
• Home/Furniture: 17% off (vs. 9% last year)
• Toys: 15% off (vs. 12% last year)
• Televisions: 14% off (vs. 5% last year)
• Appliances: 12% off (vs. 7% last year)
• Sporting Goods: 11% off (vs. 6% last year)
• Computers: 9% off (vs. 8% last year)

Back-to-School Boost:
Prime Day is expected to benefit from increased back-to-school shopping, with online spending up 80% in early July compared to June 2024 daily sales.

Flexible Payment Options:
Buy Now Pay Later (BNPL) services have gained popularity, with $39.7 billion spent online from January to June 2024, up 12.1% YoY. Adobe expects BNPL to contribute $1.09 to $1.11 billion during Prime Day, growing 18.1% to 19.6% YoY.

E-commerce Growth:
From January to June 2024, online spending reached $502.9 billion, a 7.4% YoY increase. Adobe projects $229.1 billion in online spending from July to September 2024, a 7.2% YoY growth.

Overall, strong consumer demand, driven by significant discounts and flexible payment options, is expected to make Prime Day 2024 a record-breaking event.
Amazon – Adobe