US shoppers spent $12.7 billion online during Amazon.com Inc.’s 48-hour Prime Day, up 6.1 percent from a year ago but short of estimates for 9.5 percent growth, according to Adobe Inc.
An increasing share of customers used “buy now, pay later” services, Adobe said, indicating shoppers are concerned about the economy.
“For months, consumers have felt the effects of persistent inflation and an uncertain economic environment, and it has pushed shoppers to embrace more flexible ways to manage their spending around the Prime Day event,” said Vivek Pandya, an analyst with the technology company. “The revenue growth attributed to buy now, pay later is a preview of what we can expect in the months ahead, especially as we near the holiday shopping season.”
Source: Business Of Fashion