Amazon’s Prime Day Sales Event Slated for July 16-17

Key Takeaways

• Amazon announced on Tuesday that its 10th annual Prime Day sales event will take place July 16-17.
• Last year’s event saw the largest single sales day in Amazon’s history on the first day, when customers bought more than 375 million items worldwide.
• For the first eight Prime Day events, Amazon’s share price posted an average loss of 0.34% during the sale.

Amazon’s (AMZN) Prime Day 2024 will take place July 16-17, offering deals in 23 countries, the company said Tuesday.

The 10th edition of the annual sales event begins on July 16 at 12:01 a.m. PDT and runs through July 17. Early deals will be available starting July 8-15.

The company will be hoping it can better last year’s event, which produced the largest single-day sales performance in company history on the first day. Prime members—of whom there are now “more than 200 million” paid subscribers, according to Amazon—flocked to the site and purchased more than 375 million items worldwide.

What’s the Deal With Prime Day?

The event will see the return of invite-only deals where Prime members can request an invitation to exclusive offers. The company said these will include up to 40% off Sony (SONY) Wireless Headphones and up to 30% off Peloton (PTON) products.

School and college shopping guides offer deals for parents, students, and teachers ahead of the upcoming semesters.

“Last year, Amazon customers saved nearly $24 billion from deals and coupons—with Prime members enjoying the vast majority of those savings—including over $2.5 billion during Prime Day 2023,” Amazon Prime vice president Jamil Ghani said. 

In addition to the U.S., shoppers in 22 other countries—Australia, Austria, Belgium, Brazil, Canada, Egypt, France, Germany, Italy, Japan, Luxembourg, Mexico, the Netherlands, Poland, Portugal, Saudi Arabia, Singapore, Spain, Sweden, Turkey, the United Arab Emirates, and the U.K.—will be able to shop during Prime Day. Prime members in India “can shop on Prime Day later this summer,” Amazon said.

Amazon’s regionalization of its U.S. warehouse network has led to improved delivery speeds for Prime members, which could help drive sales in the 2024 event. However, previous research showed that on average Amazon stock fell 0.34% during the first eight Prime Day sales day events.

Amazon shares were trading up about 1% at $187.59 as of 1:45 p.m. ET Tuesday and are 23% higher in 2024.

Read the original article on Investopedia.