Data analytics firm Adobe said on Monday that shoppers could spend a record $14 billion during Amazon’s two-day online sale this week, known as Prime Day.
The shopping frenzy, which begins on Tuesday, is expected to be about 10.5 percent higher than last year and will serve as a key barometer of the crucial back-to-school shopping season.
Amazon spearheaded the event a decade ago, but dozens of retailers, including its biggest rivals Walmart and Target, have copied Amazon’s strategy by holding their own shopping discount events in July. Both Target and Walmart already have events.
Adobe said the projected record spending over the next two days is expected to be driven by deeper discounts than usual.
Expect deep discounts ranging from 9% to 22% on everything from electronics, clothing, sporting goods and furniture.
“We expect to see very strong momentum heading into the back-to-school season,” said Vivek Pandya, principal insights analyst at Adobe.
The data firm reported that online spending increased 80% from July 1 to 7 compared to the same period in June.
According to the report, electrical goods will see the biggest discounts at 22 percent, up from 14 percent last year, while clothing will see 20 percent cuts from 12 percent last year and household goods and furniture will see 17 percent cuts from just 9 percent last year.
Overall, e-commerce prices have fallen for 22 consecutive months, dropping 4.2% year-over-year in June, according to Adobe.
According to data intelligence firm Similarweb, revenue from shopping activity on Amazon increased 10% from January to May.
Similarweb reports that average selling prices on Amazon are down 3% over the same period.
Amazon Prime Day has grown in importance every year, now accounting for 2% of the online giant’s global sales, according to CFRA Research.
