Amazon’s Prime Day Was Good, But Not Good Enough
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For years now, Amazon.com Inc.'s seminal Prime Day has turned historically slow July spending into a Black Friday-esque sales event. But this year sales fell short of forecasts, which says more about Amazon than the state of consumers. This year's event, actually spread over July 11 and 12, set another sales record at $12.7 billion. That's about 6% more than last year but less than the 9.5% gain forecast by the Adobe Digital Economic Index, which expected steep discounts would drive higher demand. So what gives?One read is that elevated levels of inflation are curbing demand at the same time shoppers are hearing about economists assigning a 65% chance of a recession over the next year. However, about 40% of Amazon shoppers earn more than $100,000 a year, compared with the $73,500...