Amazon is planning on hosting a second Prime Day sale this year which will occur on October 11 and 12. This will be the first time in Amazon’s history that they will host two Prime Day sales in the same year.

Amazon’s reasoning behind the second sale is due to lower consumer sentiment and the likelihood that spending this holiday season will be significantly lower with higher food and fuel costs.

Despite consumers having less money to spend, Amazon’s most recent Prime Day sale, hosted in July, generated an increase in sales by 8.5% throughout the United States with roughly 300 million items sold throughout the two-day sale. Amazon has stated that this has been the largest Prime Day in company history.

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‍Source: Bloomberg