From our friends at The NPD Group:
How are consumers are thinking about Prime Day’s and their role in the 2020 holiday season? Here are the highlights:
– 57% of consumers plan to do at least some, if not all, of their holiday shopping during the online event.
-18% of consumers identified Prime Day as the time period they feel they will get the best deals possible, coming in just behind Black Friday at 20% of consumers.
– 63% of consumers say they are very likely to compare Prime Day promotions with other retailer promotions before making a purchase.
Prime Days and Black Friday Are Head-to-Head in a Battle for Consumer Dollars this Holiday, Reports NPD
Before the dates of Amazon’s 2020 Prime Days were officially announced, 57% of consumers told The NPD Group they plan to do at least some, if not all, of their holiday shopping during the online event. New insights from NPD’s annual holiday purchase intentions study reveal almost as many consumers feel they will get better deals during Prime Days than on Black Friday, but the traditional start to holiday shopping still edges it out.
July 15, 2019, one of 2019’s Prime Days, was the #3 online shopping day of last year, behind Cyber Monday and Black Friday, according to NPD Checkout information. But this year’s infusion of Prime Days into the holiday season may move it up a notch. Just over a third of consumers think they will get the best deals early in the season, but even more are still putting their money on the deals that will come over the traditional holiday promotion period of Black Friday through Cyber Monday. Looking at specific days, 18% of consumers identified Prime Day as the time period they feel they will get the best deals possible, coming in just behind Black Friday at 20% of consumers. Cyber Monday came in third.
“The pandemic has changed retail, and the delayed timing of Amazon’s Prime Days will be making its mark on the 2020 holiday season,” said Marshal Cohen, NPD’s chief industry advisor, retail. “Consumers are already entering this earlier-than-ever start to the holiday season with a different shopping mindset, and this is retail’s chance to emphasize the notion that early is better when making holiday purchases – when it comes to inventory, shipping, and deals.”
Further contributing to the impact of Prime Days on both holiday spending and retail overall, is the growing list of retailers planning their own early holiday promotions in October. Consumers will be watching all of the early deals, and 63% say they are very likely to compare Prime Day promotions with other retailer promotions before making a purchase. While there have been some competing promotions during July Prime Days events of the past, it is now sharing the stage with broader efforts to kick start the expanded holiday season.
Another differentiator in the 2020 event is Amazon’s lead-up focus on supporting small business. This has the potential of drawing some consumer attention with 17% of consumers indicating they plan to shop more ‘small’/locally owned retailers this holiday season.
Source: The NPD Group/Annual Holiday Study