Amazon.com Inc (NASDAQ:AMZN)'s annual Prime Day sales event is expected to generate a record wave of online shopping this week, with US consumers projected to spend more than $26 billion across online retailers during the four-day promotional event.
According to data from Adobe, spending during the 12th edition of Prime Day is forecast to rise 9% from last year as shoppers hunt for discounts despite ongoing pressure from stubborn inflation and elevated gasoline prices.
The event, which begins Tuesday, has grown beyond Amazon's own marketplace into a broader retail shopping holiday, prompting rivals such as Walmart and Target to launch competing promotions. Even so, Amazon is expected to capture the majority of consumer spending, with roughly 60% of purchases projected to take place on its platform.
Adobe's forecast suggests that shoppers can expect discounts similar to those offered during last year's event, indicating that retailers are maintaining promotional intensity to attract budget-conscious consumers.
Shares of Amazon rose about 1.6% in Tuesday morning trading.
