3rd-Party Prime Day Sales Gave 'Robust' Start to Holidays: Cowen

Amazon’s disclosure Thursday that Prime Day third-party sales grew 60% could signal a “busy holiday season,” Cowen's John Blackledge wrote investors. Amazon said small and medium businesses raked in $3.5 billion in sales over the 48-hour Prime Day event, which Blackledge called a “robust start” to the holiday sales season, with an estimated total Prime Day gross merchandise value of $6.6 billion. It’s a “positive note for what is likely to be an unusually long 4Q / holiday shopping season, as consumers order earlier to ensure delivery in time for key holiday dates," said the analyst. Amazon appeared to have overcome any supply chain hurdles “as they manage an unprecedented 4Q with Prime Day so close to the post-Thanksgiving Cyber Monday events.” Consumer appetite appears to be "strong," underscoring Cowen’s belief that the pandemic is driving a “meaningful and sustained increase in consumers’ online purchasing habits.”