Amazon's Stock Basically Does Nothing as Prime Day Kicks Into Overdrive – TheStreet.com

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Amazon (AMZN) Prime Day was in full swing in the U.K. Tuesday as industry data shows more British consumers are turning online to shop.

Amazon shares were up 0.24% in premarket trading Tuesday, having closed at $996.47 on Monday in New York.

Online sales grew by 10.1% in June, according to data from the British Retail Consortium released Tuesday, compared to 9% in the same month last year. Over the three-months to June, online sales of non-food products grew 8.4 while in-store sales declined 0.7% on a total basis.

Meanwhile, Visa’s Consumer Spending Index found that face-to-face spending fell 2.4% in June but that data found that growth in e-commerce expenditure slowed to 2.9%, down from 6.8% in May.

Amazon is hoping to capitalize on the move to online spending with their third annual Prime Day, which kicked off Monday night and runs throughout Tuesday.

Amazon stands to ring up more than $2 billion in sales worldwide during the 30-hour sale, Internet Retailer predicts. The gain would mark about a 21% increase from a year ago. U.S. sales alone are pegged at $1.56 billion, up 20% from last year.

Amazon is offering new deals being offered every five minutes. People who aren’t Prime members can sign up for a membership on or before July 11 to take part in the big sales event.

Retail sales in the U.K. have been under pressure due to rising inflation and political uncertainty. Visa’s index shows consumer spending has fallen to its lowest levels in nearly four as shoppers put off big purchases.

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