Preview of the upcoming Amazon Prime Day event scheduled for July.
Amazon has announced its annual Prime Day event will take place in July, promising the best deals of the summer. The online retail giant expects Prime members to enjoy deep discounts across over 35 categories, including electronics, beauty, and apparel.
However, the economic landscape is far from favourable. Consumer expectations have plummeted this year, with a 32% drop recorded through April. This is the sharpest drop since the 1990 recession, largely due to ongoing uncertainty around trade policy and high tariffs.
The White House has encouraged Americans to buy American products, but a report suggested Amazon might display tariff costs alongside product prices in its search results. This proposal, if implemented, could have significant implications for consumers and businesses alike.
Amazon, however, has refuted the claim, stating that the idea of listing import charges on certain products was never approved and will not happen. The statement came after the White House labelled the suggestion a "hostile and political act."
Despite the controversy, Amazon has received a strong response from its selling partners for this Prime Day. Last year, small and medium-sized businesses sold over 200 million items during the event. However, some third-party sellers are pulling out of or reducing the scope of discounted merchandise due to tariffs, making them especially vulnerable to these economic pressures.
The potential for a resurgence of inflation is also a concern for consumers. Expectations for inflation have risen from 5% to 6.5%, marking the highest level of inflation expectations since double-digit inflation in 1981.
As the world navigates these economic challenges, Amazon's Prime Day event offers a glimmer of hope for those seeking bargains this summer. But the underlying issues of trade policy and inflation remain unresolved, casting a shadow over the economic future.
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