Christmas in July isn’t just a summer camp celebration anymore – Amazon, Target and several other retailers have made it a reality, offering deals of as much as 50% off on popular items ahead of the lucrative back-to-school shopping season.
Amazon’s Prime Day sales, which began Tuesday, were expected to rake in $14 billion, up 10.5% from last year, Adobe Analytics projected. The sale is in its 10th year, LinkedIn News noted, saying the event has transformed what used to be a sluggish retail season to something akin to Black Friday.
Prime Day inspired competitors Target and Walmart, along with other retail giants like Macy’s to jump into the fray.
Jamil Ghani, vice president of Amazon Prime, said Prime members saved $2.5 billion during the 2023 sale.
Newspapers, broadcasters, magazines and others put together lists of as few as the top 10 deals to the top 150. Megan Thee Stallion announced this year’s Prime Day sale dates in a music video and put together a list of her picks, including early deals from her Hot Girl Summer tour merchandise collection.
Amazon is going after the college crowd by offering a six-month trial of Prime Student, and then a discounted subscription of $7.49 a month or $69 a year. The full subscription price is $14.99 a month or $139 a year.
What makes Prime Day more fun for many shoppers is that new deals drop every 5 minutes. The website also re-introduced invitation-only sales.
Best Buy scheduled a Black Friday in July sale with some deals better than Amazon’s – especially for non-Prime members, IGN reported, including an Xbox Series X for what amounts to $100 off, $50 off plus a $50 gift card, and no pesky paid membership.
Target held its own sale July 6-13, touting deals on 1,317 items with markdowns of as much as 50%, including cutting its membership fee for Target Circle 360 from $99 to $49. The number of items more than doubled those available in the last sale in April, which Earnest Analytics reported boosted sales 7% above the weekly average of the previous four weeks.
Target’s July Circle Week coincided with its push for back-to-school dollars. The offerings include “20 must-have school supplies that add up to less than $20,” as well as dorm items for the college bound. Target’s next Circle Week sale is expected to be held in October.
Digits Insights described Circle Week as a game-changer for both CPGs and shoppers, warning CPGs that sit out risk losing market share.
“It’s clear now that Target is committed to Circle, and it will become the top way for brands to promote and drive volume at Target,” the analysis said.
“Before the relaunch, vendors could run what they wanted with little oversight. This autonomy was great for strategy but resulted in lower volumes. Post-relaunch, merchants and the PPCoE are more involved in the planning process, making offer calendars a co-planning process with Target. Doing this right can hit vendor goals while driving higher scale.”
Walmart’s Deals Days event ran from July 8 through July 11. Unlike Amazon and Target, the sale did not require a paid membership to get the best prices.
The Food Institute Podcast
Tom Hamill, a food and beverage senior analyst for RSM US LLP, joined The Food Institute Podcast to recap the 2024 Summer Fancy Food Show. Hamill shares his thoughts on burgeoning trends from the show and how emerging specialty food brands can best navigate economic factors in the years to come.
