Amazon Prime Day provides insight into the state of U.S. consumers, who are tightening their wallets. Shoppers are trying to save money amid high inflation and interest rates. This was reported by Qazaqyia.kz citing Reuters.
The annual Amazon Prime Day sale this year reflects reduced consumer spending. Inflation and high interest rates have lowered Americans' purchasing power. Many are buying only essentials and avoiding expensive items.
According to Reuters, sales during Prime Day indicate declining consumer confidence. Economists see this as a sign of a slowing U.S. economy. However, Amazon stated that the event was successful.