Amazon: What will Prime Members spend on Prime Day?
As anticipation builds for Amazon's highly awaited Prime Day sales event, which is expected to take place during the summer of 2023, a recent survey conducted by performance marketing firm Tinuiti sheds light on consumer intentions. The survey, encompassing over 1,000 Prime members, offers valuable insights into their shopping plans for this year's Prime Day.
Survey results indicate that an overwhelming 80% of Prime members are preparing to participate in Prime Day, highlighting the event's significant influence among this customer segment. Moreover, more than half of the respondents, specifically 52%, anticipate spending more during this year's event compared to 2022. Notably, a notable one-fifth of surveyed Prime members plan to spend over $200, underscoring the potential for substantial revenue generation.
However, the survey also reveals that inflation concerns persist among Amazon Prime members, with 54% of respondents stating that it may discourage certain purchases during Prime Day. It is worth noting, though, that this figure represents a decline from 63% recorded in the 2022 survey, signaling a growing optimism among consumers regarding their purchasing power.
Prime Day holds significant importance for Prime members, as revealed by the survey findings. Over 20% of respondents consider it a crucial factor in their decision to become Amazon Prime subscribers, while a staggering three-quarters view it as at least somewhat important. Remarkably, 10% of millennial respondents even cite Prime Day as the most influential factor in their decision to join the Prime membership program, highlighting the event's impact on attracting and retaining this key demographic.
To maximize their shopping experience, Prime members employ various strategies. The survey uncovered that approximately one-fifth of respondents who plan to shop during Prime Day initiate their product research over a week in advance, ensuring they are well-prepared to take advantage of the exclusive offers. However, it is important to note that 51% of respondents kickstart their product research in the week leading up to Prime Day, suggesting that many consumers are adept at seizing last-minute opportunities.
When determining the value of Prime Day deals, a significant majority of Prime members, 54% to be precise, rely on search engines such as Google. Additionally, 26% of respondents turn to social media platforms, including Facebook and Instagram, to assess the attractiveness of Prime Day offers. Notably, among Gen Z Prime Day shoppers, the reliance on social media for deal validation jumps to an impressive 46%.
Reflecting on the previous year's success, Prime Day 2022 proved to be a groundbreaking event, generating nearly $12 billion in sales. According to the Adobe Digital Economy Index, total online spending across retailers in the United States reached an all-time high, demonstrating an 8.5% growth compared to the $11 billion generated during Prime Day 2021.
Digging deeper into the data, the study revealed consistent discount levels across both days of Prime Day 2022. Toys and apparel boasted the most substantial discounts, closely followed by electronics, televisions, and computers. These insights provide valuable guidance to retailers aiming to optimize their offerings for the upcoming Prime Day.
As the countdown to Prime Day 2023 commences, businesses should prepare for what promises to be another extraordinary sales event. With a high percentage of Prime members planning to increase their spending and diverse product categories to explore, Prime Day offers an exceptional opportunity for revenue growth. By capitalizing on consumer preferences, optimizing deals, and leveraging effective marketing strategies, businesses can position themselves for success during this retail extravaganza.
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