Anxious about inventory stockpiles and fading consumer confidence, Amazon, Target and Walmart are all doing holiday sales earlier than usual.
Holiday bargain shopping is starting extra early this year. And that could be good news for shoppers, even if it signals slightly worrisome things for the economy.plans Monday for “a new two-day global shopping event” exclusive to members of its Prime loyalty program. Dubbed Prime Early Access Sale, the promotion is similar to Prime Day, the annual sale held in July to generate a bonanza of orders and new subscribers.
Amazon’s bonus sales event may be a sign that retailers are concerned that Americans will keep a tight grip on their wallets this holiday season because of fears over inflation, rising interest rates and predictions of an oncoming recession.An Amazon spokesperson said that the company — with annual sales of more than $470 billion last year — added the second online sale to help overcome such worries.
Amazon started Prime Day in 2015 to attract new subscribers, who now pay $139 a year for shipping discounts, video streaming and other perks. But this is the first year that Amazon has added a second deal “holiday” in the same year. With a recent surge in inflation and rising gasoline prices, Americans haven’t been spending on such items as much as retailers anticipated. Store owners and retail operators now need to move those items off the shelves to make way for new holiday merchandise.
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