October’s Prime Day Results Signal Strength for Holiday 2023
Amazon’s Prime Big Deal Days has emerged as a significant player in the annual shopping calendar. It also serves as a foreshadowing of Holiday performance. Read on for Ovative’s key takeaways from October’s Prime Big Deal Days.
Prime Big Deal Days Outpaced Last Year’s Event
While Amazon has not disclosed its October sales figures, the retail giant called it a “bonanza.” Up from 100 million items in 2022, members ordered 150 million items from third-party sellers in 2023.3
This uptick in consumer activity was matched by an increase in percentage of consumers motivated to shop by the event. While 77% of shoppers were motivated to shop by Prime Day in 2022, 85% of shoppers were motivated by the event in 2023.1,2
These shifts in consumer behavior are a testament to the growing appetite for discounts. For some consumers, annual sales extravaganzas have become fixtures in consumers’ minds, motivating them to snag those much-anticipated deals. However, for other shoppers, discounts are a necessity in the current economic environment.
Consumers Searched for Everyday Essentials
The product categories that dominated this fall’s event offer additional insights. Like July’s Prime Day, shoppers stocked up on essentials for themselves. A remarkable 60% of items sold were priced under $20, with only 4% exceeding $100.1 Additionally, only a third of shoppers reported purchasing holiday gifts.2
In comparison to last year’s October Prime Day, consumers purchased more lower-priced items this year. The majority of shoppers utilized the event to secure discounts on everyday items or pamper themselves with “little treats.” Protein shakes and batteries were among the top items purchased3, highlighting the trend towards practical, everyday discounts.
Shoppers Are Looking for Holiday Deals
Prime Day shoppers are not done hunting for discounts. Of this event’s consumers, 72% had also participated in July’s Prime Day sales, and a significant portion expect to or already have shopped other pre-Holiday sales, such as Target’s Circle Week.2
Looking ahead, more than 50% of shoppers intend to shop during Black Friday or Cyber Monday. This confirms that the holiday season has launched early yet again, and tentpole moments will remain strong.2
What’s Next for Marketers?
The forecast for the upcoming holiday season looks promising for retailers. While consumers remain sensitive to higher prices and budgets, they are still prepared to spend. Here are three actions you can take to prepare your brand to excel during Holiday:
- Prioritize value messaging and competitive offers across a range of prices to attract shoppers seeking both practical and indulgent purchases. You can expect these to grab the attention of shoppers seeking “little treats.”
- Though consumers are sensitive to higher prices, all signs point toward growth. Most Prime shoppers still have plans to spend in November and December. Marketers should prepare for an increase in omni-channel sales and lean into strategies like “Buy Now, Pay Later” (BNPL) that will give cash-strapped consumers an opportunity to spend.
- Connect with Ovative Group’s media and measurement experts to help you strategize, build, and execute a successful marketing program for your brand this holiday season.
Note: Results as of Oct. 12, 2023