Amazon says consumer demand had ramped up in spite of inflation, helping it post better-than-expected second-quarter income and sales
A worker prepares packaged products for shipment at an Amazon Fulfilment Center in Tracy, California on August 3 2015. File Picture: REUTERS/Robert Galbraith/File Photo
This has led to an inventory build-up that the US’s largest retailer said it would mark down aggressively. “Prime members have meaningfully increased their spend since the start of the [Covid-19] pandemic,” Amazon CFO Brian Olsavsky said on an investor call on Thursday. For Amazon, Prime members, who drive most of its sales volumes, are mostly found among wealthier households, several surveys show. One report from Piper Jaffray in 2016 showed that more than 70% of households with annual incomes topping $112,000 had a Prime memberships.
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