Continuing analysis of Prime Day 2022 indicates inflation-weary consumers were receptive to heavy price slashing.
The 2022 edition of Prime Day, held July 12-13, generated a record-breaking $11.9 billion in U.S. online spend across all retailers, according to Adobe Digital Economy Index data. Since the release of initial analysis by Adobe and Numerator, both companies have conducted further research which reveals additional insight into the factors driving this historic result.
Inflation has impact
Data from both sources indicates inflation running at levels not seen in 40 years played a significant role in how consumers shopped Prime Day this year. According to Numerator, 33% of surveyed consumers bought something they were waiting to buy at lower price, while 17% stocked up on items that were on sale.
Inflation did not solely produce positive sales results, as 28% of respondents said they passed on an item that was a great deal but not a necessity. About one in six (16%) respondents said inflation had no impact on their Prime Day shopping.
In terms of how spending totals compared to Prime Day 2021, Numerator data reveals that about two-thirds (65%) of consumers spent the same (30%), somewhat more (20%) or significantly more (15%). The remainder spent somewhat less (19%) or significantly less (17%).
Meanwhile, Adobe data reveals that consumers purchasing products at discounted prices drove an 8.5% increase in sales growth during the Prime Day event compared to 2021. According to Adobe, consumers took advantage of discounted prices for categories beyond big-ticket items to more day-to-day products. For example, popular product categories that saw an uptick included audio equipment, appliances, and boys and girls apparel, which Adobe says indicates that consumers leveraged Prime Day sales days for back-to-school shopping.
Other Adobe findings
Sales the entire week of July 11 (“Prime Week”) drove record online spending of $22.4 billion (6.1% growth year-over-year).
During the Prime Day event, the average online revenue lift across the U.S. was up 141% compared to an average June day (the month when Prime Day was held in 2021). Online spend for July is up month-over-month, hitting $44 billion and counting. The two-day event accounts for just under one-third of the total monthly spend so far, at 31%.
Following strong growth over the two Prime Days, spend slowed when the discounts faded, as more normative pricing trends returned, and consumers were no longer motivated by heavy discounting.
Buy now, pay later (BNPL) utilization was up 13% during Prime Day 2022 compared to Prime Day 2021. In addition, the average order value with BNPL was up 12% during Prime Day in 2022 vs. Prime Day 2021.
For retailers offering buy online, pick up in store (BOPIS), there was a 20% boost in conversion compared to an average June day.
Click here to see additional Adobe Prime Day data.
Other Numerator findings
Prime Day 2022 spend per household neared $200, up from the high $150s in years past. While most orders only contained a single item, price per item was elevated and the average Prime Day shopper placed three separate orders.
Among surveyed consumers who were aware of the Prime Day sale, 41% say it was the primary reason they shopped on Amazon and another 42% said it was a contributing factor. Only 17% said Prime Day little to no influence on their shopping behavior during the sale.
Click here to see additional Numerator Prime Day data.