A Prime Day

Amazon held its two-day Prime Day event last week. Following the event, the company announced that Prime members purchased “over 300 million” items, up from over 250 million last Prime Day, or 20% YoY growth and making it the “Biggest Prime Day Ever”. Amazon disclosed that Prime members globally purchased more than 100,000 items per minute (consistent with the 300 million figure) with 60% of items purchased in the United States. They also shared that consumers saved over $1.7 billion with Prime Day discounts, representing a 10% 2-Yr CAGR from the $1.4bn saved in 2020 (most recent comparable disclosure). Best-selling categories included consumer electronics, household essentials, and home. Based upon an estimated average item price of $35.50, total sales (gross merchandise volume, or GMV) for the event would be over $10.7B, up about $1.8B YoY. Applied to the U.S., the $1.8B at 60% becomes just over $1B. We will get a better understanding of the number when Amazon reports 2Q22 results on July 28.