Report: 'Pent-up' demand for retail therapy could bode well for Amazon Prime Big Deal Days

Amazon is gearing up for its second annual Prime Big Deal Days, which runs Oct. 10th and 11th, but it remains to be seen whether the online retail giant, along with competitors Walmart, Target and Best Buy, which are also running sales, will be able to top its 2023 Amazon Prime Days sale.  

Retail data analytics firm Placer.ai said in a report released last week that many consumers don’t need much of a push to begin spending.  

Their analysis noted that major retailers saw a 3.3% year-over-year increase in traffic during Mother’s Day week, which suggests “people are still willing to shell out for presents and boding well for the lingering potential of the upcoming holiday season.”  

During June and July, an uptick in the economic outlook also spurred spending, indicating a “pent-up demand for retail therapy, and that consumers are waiting for the slightest excuse to return to stores,” Placer.ai reported. 

Data and tech company Numerator predicted in a report released Monday that this year’s Prime Big Deal Days event will outperform last year’s Early Access Sale in October, which saw participation from 28.4% of U.S. households. That’s compared to 2023 Prime Day over the summer, which saw participation from 37.3% of U.S. households and was the company’s biggest sales day in its history.  

Related:Amazon has its largest sales day ever with Prime Day

Placer.ai reported that the retail sector has seen a decline in sales for big-box stores that sell big-ticket items like furniture and electronics, which may bode well for Amazon and other large retailers like Walmart, which is launching its Walmart Deals – Holiday Kickoff sale (Oct. 9-12), and Target’s Circle Week, which started Sunday and runs through Saturday.

“The relatively large year-over-year visit gaps in these sectors could mean that many consumers are holding off on making larger purchases until the wider economic situation stabilizes–or until these big-ticket items go on sale,” the Placer.ai report noted. 

Both reports predict a big boost for e-commerce sales. Numerator noted that daily online sales doubled during last year’s Prime Early Access sale, making it one of the top 10 online shopping days of the last two years, hitting No. 7 on the first day of the event and the No. 9 spot on the second day. 

Numerator noted that toys could again be a big seller this October, and Barbie branded items are likely to outperform the competition. Toys were the only category that experienced increased sales during the 2022 Early Access Sale, compared with Prime Day 2022, the report noted. 

“Barbie came in as the No. 10 brand during the 2022 Early Access Sale and stands to rise in the ranks if this summer’s Barbie movie hype sustains through October,” Numerator reported.

During Amazon Prime Day 2023, the online retailer reported that its top-selling items were Amazon Fire TV Stick, Laneige Lip Glowy Balm, Apple AirPods and Bissell Little Green Portable Deep Cleaner.