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Amazon Sets an October Event Sales Record as Retailers Eye the Holiday Season

Amazon packages being delivered in New York City earlier this year.

Beata Zawrzel / NurPhoto via Getty Images

Key Takeaways

  • Amazon's two-day Prime Big Deals Days this week set a record for sales and items sold at an October event, the company said.
  • Rivals Target and Walmart are also holding early holiday shopping season sales events.
  • Bain & Co. said holiday sales are expected to be below average this year.

Amazon (AMZN) shares advanced as the biggest online retailer said its Prime Dꦍay event this week was record🌼-setting.

The company said that sales and number of items sold during Prime Big Deal Days on Tuesday and Wednesday were the most ever for one of its October events. Doug Herrington, CEO of Worldwide Amazon Stores, said it “marked a strong start to the holiday shopping season.”

Amazon 澳洲幸运5官方开奖结果体彩网:is not alone in trying to get a jump on the key sales period heading into Christmas. Target’s (TGT) second Target Circle Week of the year kicked off on Sunday and runs through Saturday. Walmart’s (WMT) Holiday Deals event runs until Sunday.

Retailers may need the extra boost. Consultancy firm Bain & Co. predicts a below-average holiday sales increase of 3% this year, with declines for department stores, furniture and home furnishings stores, and stores that sell building and garden materials. It sees e-commerce sales as a winner, rising 5% or more.

๊ Bain said that Americans across all income levels “are putting a freeze on their overall outlook and spending.” Its recommendation to retailers on how to boost sales is “emphasize value, no ma💟tter what your price point.”

Shares of Amazon have ad🅺ded a quarter of their value this year, while Walmart shares have doubled that. Shares of Target are up about 9%.

AMZN, TGT, WMT
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  2. Bain & Company.

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