Bank of America analysts estimate that Amazon's (NASDAQ:AMZN) recent Prime Day generated approximately $13.4 billion in gross merchandise volume (GMV), marking a significant 10% year-over-year increase.
This growth surpasses their initial estimate of 7% and underscores the robust performance of this year's event.
Amazon announced that over 200 million third-party (3P) items were sold during Prime Day, a 33% increase from last October's Prime Big Deal Days, although specific comparisons to Prime Day 2023 were not disclosed.
BofA said that "millions" of customers also utilized the AI-powered chatbot Rufus for their shopping needs, highlighting the integration of new technologies into the shopping experience.
The bank noted some limitations in Amazon's disclosures this year. The press release was 15% shorter than last year's, and although Amazon touted this Prime Day as the largest ever, last year it claimed the first day was the largest single day of sales in its history.
Additionally, BofA noted the savings figure was described vaguely as "billions," compared to a more specific $2.5 billion+ last year.
Data from Adobe Analytics indicated total U.S. eCommerce sales during Prime Day reached $14.2 billion, up 11% from last year.
However, BofA says this figure does not account for competing events like Walmart's Deals & Target's Circle Week. Numerator data showed an average household spend of $152 during Prime Day, with 25% of households spending $200 or more. The top categories were Apparel & Shoes, Home Goods, and Household Essentials, with an average selling price growth of 7% to $57.97.
Bank of America estimates $7.4 billion in first-party (1P) GMV, an 8% increase, and $6.0 billion in 3P GMV, a 13% rise.
This strong Prime Day performance is expected to support Amazon's 3Q outlook, despite potential pressure on gross margins from promotions. The firm's analysts maintained a Buy rating on Amazon with a price target of $220.