Amazon is pinning its hopes on a strong Prime Day sales event this year as the $1tn ecommerce giant seeks to rejuvenate slowing sales growth at a time when consumers are cutting back on discretionary spending.
The two-day event, which runs on Tuesday and Wednesday this week, is forecast to generate sales globally of more than $12.5bn — an increase of 17 per cent from last year, according to research group Insider Intelligence.
It comes at a critical juncture for Amazon and the broader US retail market as investors scramble to measure the impact of inflation and rising interest rates on consumer spending, as well as the effect of persistent supply chain problems.
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