Amazon's Prime Day, Dollar General beats Walmart and Target, Bud Light falls: Retail news roundup
U.S. online shoppers doled out $14.2 billion on new electronic items, sprucing up their home, and back-to-school items during Amazon’s Prime Day event this year. That’s not to be confused with Amazon’s ploy to get its employees to stop checking in, grabbing coffee, and swiftly leaving the office.
Speaking of beverages, consumers don’t seem to be so thirsty for Bud Light. The beer brand’s ranking fell to the third spot among U.S. lagers, partly due to a collaboration with a transgender actress and TikTok personality that triggered boycotts from conservatives in 2023.
Plus, Dollar General is seeing a big boost in foot traffic from bargain hunting consumers, so much so that it’s beating superstore retailers like Costco, Target, Walmart.
Meanwhile, Chinese shoppers aren’t so enamored with luxury at the moment. Sales for high-end retailers like Burberry and Hugo Boss are bracing for a slump in sales as its Asia market faces weakening demand for those pricy puffer jackets and handbags, and streetwear brand Supreme has been sold to the eyewear giant that makes Ray-Bans for $1.5 billion in cold hard cash.
Amazon’s Prime Day topped $14.2 billion in U.S. online sales
U.S. shoppers buying items online spent massive amounts of money on new electronic items, sprucing up their home, and back-to-school items this year.
Amazon wants employees to come to the office — and stay there
Amazon no longer wants its corporate employees to side-step office hours.
The Bud Light boycott knocked it down to America’s No. 3 beer brand
Bud Light is having a tough time bubbling up since its collaboration with a transgender actress and TikTok personality triggered some conservative customers in 2023, leading to a boycott that the beer brand is still dealing with.
Dollar General is beating Costco, Walmart, and Target in foot traffic
Some like it hot, but many shoppers prefer it to be cheap(er). And that’s boosting deep discount retailers like Dollar General. So much so that it’s pushing it past superstores like Costco, Target, and Walmart.
Shoppers are spending more as the summer heats up
Consumers aren’t letting pesky inflation keep them from spending this summer, instead they’re splurging on online shopping and food.
Prime Day’s online sales topped $7 billion in the U.S. for part one of Amazon’s blitz
Online shoppers in the U.S. are spending a lot of cash on electronics and back-to-school essentials this summer — possibly more than ever. Amazon’s first day of its Prime Day event recorded over $7 billion in online sales.
Amazon’s Prime Day could give it a $14 billion boost
Amazon’s Prime Day could boost its online sales to a new high this year. Adobe’s initial forecast fell slightly short of the e-commerce giant’s final two-day sales figure.
Burberry stock sinks 16% on an ousted CEO and a warning of low profits
British luxury fashion giant Burberry is having a tough time. The coat maker reported “disappointing” results in the luxury market that proved to be “more challenging than expected,” led largely by weak demand from Chinese customers. It also ousted its CEO for a new one.
Hugo Boss stock craters on weak luxury demand in China
German fashion house Hugo Boss is having a hard time connecting with consumers. Like its luxury confidant Burberry, Hugo Boss is seeing waning demand from Chinese consumers.
Streetwear brand Supreme is being sold to Ray-Ban maker EssilorLuxottica for $1.5 billion in cash
Eyewear giant EssilorLuxottica has reached an agreement with VF corporation to acquire streetwear brand Supreme for $1.5 billion. The deal, set to close by the end of the year, aims to preserve Supreme’s skateboard and local art legacy.