Stock Market Forecast:
- Amazon’s annual Prime Day event runs from June 21 to June 22 this year
- The retailer has created an event that sees its sales surpass Black Friday and Cyber Monday combined
- Prime Day can also offer insights into consumer trends, demand and discretionary spending
Stock Market Forecast: Amazon's Prime Day is Making Retailer History
While the broader stock market juggles macroeconomic uncertainties and monetary policy concerns in the week ahead Amazon shareholders and Prime members have their eyes on another type of event with the arrival of the retailer’s “Prime Day” event from June 21 to June 22.
Surveying the Amazon[1] - The Public's Views on Amazon
The event window sees steep discounts across Amazon’s site and has been a resounding success in recent years as Prime Day sales have begun to eclipse the combined totals of Black Friday and Cyber Monday. To be sure, Black Friday and Cyber Monday remain larger consumption periods for the broader economy, but Amazon’s ability to create a spending event in which it has sole ownership of is unique compared to major competitors like Walmart and Target.
Amazon’s Prime Day: History in the Making
Source: TradingView, Amazon Prime Day[2]
Beginning in 2015 on Amazon’s 20th anniversary, Prime Day kicked off with discounts for members and captured roughly $900 million in sales in its inaugural run that lasted just 24 hours. The event has since expanded to a 48-hour period and topped $10 billion in sales for the first time in October 2020 despite the ongoing pandemic that upended the global economy. With renewed consumer demand and healthier supply chains, Amazon may be poised for a record-breaking sales total in 2021 that could help spark a breakout in its stock price.
That said, there is little
