US shoppers spent $12.7 billion online during Amazon.com Inc.’s 48-hour Prime Day, up 6.1% from a year ago but short of estimates for 9.5% growth, according to Adobe Inc.

An increasing share of customers used “buy now, pay later” services, Adobe said, indicating shoppers are concerned about the economy. 

“For months, consumers have felt the effects of persistent inflation and an uncertain economic environment, and it has pushed shoppers to embrace more flexible ways to manage their spending around the Prime Day event,” said Vivek Pandya, an analyst with the technology company. “The revenue growth attributed to buy now, pay later is a preview of what we can expect in the months ahead, especially as we near the holiday shopping season.” 

Eoin Treacy's view

Amazon, in common with the other mega-caps, has staged an impressive rally over the last seven months. The basis for the rebound is inherently tied to the expectation inflationary pressures will subside, rates will return to close to zero and consumer spending will remain resilient throughout.