WMT - Holiday sales grab: Amazon plans to hold a major shopping event in October

2023-08-08 12:57:35 ET

Amazon ( NASDAQ: AMZN ) announced on Tuesday that it will hold a major shopping event in October called Prime Big Deal Days. The e-commerce behemoth is following the same pattern as last year, when it held Prime sales events in July and October.

The Seattle-based company said Prime Big Deal Days will take place in Australia, Austria, Belgium, Brazil, Canada, China, France, Germany, Italy, Japan, Luxembourg, Netherlands, Poland, Portugal, Singapore, Spain, Sweden, the U.S., and the UK. Amazon ( AMZN ) said it will share more details soon. The exact timing of the major shopping event was not disclosed.

Amazon ( AMZN ) churned up record sales for the Prime Day event in July.  Consumers spent an estimated $12.7B on more than 375M separate items, which Adobe Analytics said represented 6.1% year-over-year growth.

The impact of Amazon ( AMZN ) holding another major shopping event in October is expected to be felt across retail as competitors like Walmart ( WMT ), Target ( TGT ), Best Buy ( BBY ), Wayfair ( W ), and Etsy ( ETSY ) try to keep pace. Of note, holiday shopping is likely to once again to be pulled forward into October, and thus reducing the impact of Black Friday and Cyber Monday. The Amazon ( AMZN ) decision to hold the shopping event in October will also impact retail sales estimates from economists for October, November, and December due to the chain reaction in the sector.

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