Finance

Amazon’s Prime Day promotion pumped up July’s total retail sales

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Boxes sealed with Prime Day tape move along a conveyor ahead of shipping from an Amazon.com Inc. fulfilment center during the online retailer’s Prime Day sales promotion day in Koblenz, Germany, on Monday, July 15, 2019.

Krisztian Bocsi | Bloomberg | Getty Images

Amazon’s Prime Day and promotions by other retailers appear to have given a meaningful pop to July retail sales, which could be stronger than economists’ forecasts, according to Bank of America Merrill Lynch economists.

Michelle Meyer, BofA’s head of U.S. economics, said she expects retail sales excluding autos to have risen by 0.6% and about half of that would have been from Prime Day and other promotions by Amazon competitors….



Source cnbc.com

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