A new survey shows whether consumers plan to spend more or less on Prime Day than they will in 2021.
According to a new Survey of 1,137 US adults by online listing and savings platform RetailMeNot on what the average Prime Day shopper wants to spend $388 on Prime Day 2022. That figure represents a 35% decrease from 2021, when RetailMeNot saw average Prime Day planned spend of $594.
[Read more: Amazon sets official date for Prime Day]
However, the poll’s prospects for Prime Day aren’t just bad for Amazon. Of that projected $388, respondents plan to spend $233 — about 60% — at Amazon and $155 at other retailers that run their own promotions during Prime Day. RetailMeNot estimates that up to 313 other retailers advertised sales around Prime Day in 2021; and that in 2020 up to 350 more retailers did.
Almost half (47%) of respondents say they will wait until Prime Day to make their biggest purchases of the year. Almost nine in ten (88%) plan to make at least some purchases on Prime Day. Of those surveyed who plan to shop for back to school this year, 85% say they plan to shop for school supplies during Prime Day.
Top Prime Day Categories
While the list of top categories in which respondents plan to make purchases on Prime Day remains largely unchanged, slightly fewer respondents in general plan to make purchases this year. The main categories for planned purchases on Prime Day are:
- Apparel (Clothing/Footwear) – 35% 2022/38% 2021.
- Home Decor – 19% 2022 / 24% 2021.
- Kitchen appliances – 18% 2022/15% 2021.
- Detergents – 17% 2022/18% 2021.
- Laptops or computers – 17% 2022/18% 2021
- Home gym equipment – 8% 2022/13% 2021.
The two notable changes are kitchen appliances, which move up from fifth to third place, and home fitness equipment, which loses more than a third of its share of customers planning to make a Prime Day purchase. This may reflect increased consumer participation in fitness activities outside the home as peaks from COVID-19 have eased.
According to RetailMeNot, Amazon’s Prime Day prices have consistently matched or even beat last Black Friday’s prices for key items like smart home speakers, tablets, smart security technology, and robot vacuums. RetailMeNot expects this trend to repeat itself, even after accounting for inflation.
Consumers reduce summer spending
The reduction in planned spending on Prime Day may reflect a larger downward trend in planned spending for summer 2022 uncovered in another recent RetailMeNot survey.
Six in ten (61%) respondents to this survey said they are likely to cut spending this summer due to inflation. Respondents identified these spending categories as areas where they plan to save:
- Eating out: 69%.
- Personal shopping: 61%.
- Entertainment: 54%.
- Travel: 42%.
- Subscriptions (Netflix, Hulu, etc.): 34%.
Top reasons for reducing summer spending are included Concerned about rising prices (81%), feeling that the summer months are expensive (64%) and feeling overwhelmed by the costs they face between May and July (53%). Additionally, 60% of respondents said they expect lots of deals, promotions and sales this summer.