Retail Revenue Rose 14% in Prime Day Week, but Units Fell 1%: NPD
Prime Day and other big retailer promotions in the week ended July 16 boosted retail revenue 14% over the comparable “non-promotional week” in 2021, but unit sales were 1% lower, reported NPD Wednesday. Compared with the same pre-COVID-19 pandemic week…
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in 2019, which “also coincided with these promotional events,” retail revenue this year was up 17%, but unit sales declined 5%, it said. “Consumers are clearly getting energized by promotions as they continue to spend, but elevated prices and the lack of promotional depth are hindering already low demand,” said Marshal Cohen, NPD’s chief retail industry adviser. “The typical back-to-school kickoff provided by Prime Days and other July retail promotions did not hit all industries equally, indicating this will be another flattened retail shopping period, similar to what we’ve seen with holiday peaks year-to-date.” Most demand signals show consumers “are just starting to spend on back-to-school items,” said NPD. Demand was higher during the promotional week in segments like small appliances, beauty and technology, but big back-to-school industries like office supplies, apparel and footwear “did not yet get the same kind of lift,” it said. Of consumers that NPD canvassed through the third week of July, only about a quarter said they had started their back-to-school shopping, it said: “Of those who had not started, 41% said they were waiting for sales and 56% don’t plan to start back-to-school shopping until August.”