Amazon's Prime Day, Dollar General beats Walmart and Target, Bud Light falls: Retail news roundup
Plus, Amazon wants employees to come to the office — and stay there
U.S. online shoppers doled out $14.2 billion on new electronic items, sprucing up their home, and back-to-school items during Amazon $AMZN’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 $DG is seeing a big boost in foot traffic from bargain hunting consumers, so much so that it’s beating superstore retailers like Costco $COST, Target $TGT, Walmart $WMT.
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.
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.
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.
Some like it hot, but many shoppers prefer it to be cheap(er). And that’s boosting deep discount retailers like Dollar General $DG. So much so that it’s pushing it past superstores like Costco $COST, Target $TGT, and Walmart $WMT.
Consumers aren’t letting pesky inflation keep them from spending this summer, instead they’re splurging on online shopping and food.
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 $AMZN’s first day of its Prime Day event recorded over $7 billion in online sales.
Amazon $AMZN’s Prime Day could boost its online sales to a new high this year. Adobe $ADBE’s initial forecast fell slightly short of the e-commerce giant’s final two-day sales figure.
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.
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.
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.