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Prime Day’s Record Run: Boomers and GenZ Fuel a $14B Boom
Older shoppers and planned purchases drove a record-setting $14B as Prime Day cemented its status as the cloud-era Black Friday.
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Good morning, ! This week we’re diving into Gen Z’s paradoxical splurging habits, Prime Day’s record-breaking run driven by older consumers, Florida’s crackdown on gift card fraud, and why consumer confidence is collapsing even as inflation cools—proving once again that in retail, feelings beat facts.
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DATA DIVE
Prime Day: The $14B “Summer Christmas”
Prime Day has morphed into a July ritual where America’s most loyal online households drop $200+ like it’s Thanksgiving. Amazon’s cart average beat rivals by $54, planned purchases outnumbered impulse buys, and even with a dip in item count vs. 2023, total spend hit all-time highs. Older consumers (55+) are leading the charge, proving that speed, selection, and same-day shipping now dominate the loyalty economy. Forget Black Friday. The real shopping holiday lives in the cloud — and Amazon owns the calendar.
TREND OF THE WEEK
Broke But Bougie
Gen Z may be the most financially anxious generation—but they’re also the most eager to spend. Despite 50% of U.S. Gen Zers saying they couldn't maintain their lifestyle for a month without income, they’re splurging on apparel and beauty, often via buy-now-pay-later schemes. This isn’t just lifestyle inflation; it’s a paradox. Gen Z’s spending is growing twice as fast as previous generations’, and they’ll eclipse Boomers’ global spend by 2029. The catch? Brands need to serve up splurgeworthy experiences that straddle aspiration and affordability—because this generation defines adulthood more by financial success than by milestones like marriage or kids. (More)
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ECOMMERCE
eCommerce Corner – EU digital adoption by age
The latest EU data shows 89% of internet users aged 25–34 purchased goods or services online over the past year—the highest penetration of any age cohort. This tapers to 86% (35–44), 83% (16–24), and 78% (45–54). Penetration drops notably among older users: 67% (55–64) and just 53% (65–74).
Why it matters:
Core online consumers remain firmly within the 25–44 segment—where brand loyalty, frequency, and average basket size tend to peak.
Younger shoppers (16–24) are engaged but might under-index in spending versus slightly older cohorts, presenting opportunity for retention strategies.
The 55+ segment still includes two-thirds of internet users actively shopping—far from negligible. That’s a meaningful market for tailored messaging, simplified UX, and relevant product offerings (e.g., health, gardening, travel).
Bottom line: while 25–44 dominate market penetration, growth opportunities lie in converting high-engagement younger cohorts into loyal buyers, and optimizing the substantial, yet underserved, older demographic. (More)
DEAL OF THE WEEK
Sweet Stamp of Approval
ChrysCapital’s ₹2,410 crore (~ $280 million) bid to acquire a 90% stake in beloved bakery chain Theobroma has hit a crucial milestone with the Competition Commission of India (CCI) receiving the acquisition filing from Aqua, Infinity, and Atreides. The trio assures there are no operational overlaps, and only a minor logistics tie‑in exists—hardly enough to raise eyebrows. The spotlight now shifts to whether the CCI will greenlight ChrysCapital's largest consumer play of the year. (More)
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Gift Card Corner – Florida Cracks Down on Gift Card Fraud
Starting October 1, Florida will formally classify gift card fraud under state law, introducing first-degree misdemeanor charges (up to 1 year in jail, $1,000 fine) for offenses like unauthorized use, tampering, or data theft. If the value exceeds $750, the crime escalates to a third-degree felony, carrying up to 5 years in prison and $5,000 in fines.
Why it matters:
Florida becomes one of the few states to codify specific penalties for gift card-related fraud, addressing a loophole that’s long hampered enforcement.
With $217M lost to gift card fraud nationally in 2023 (FTC), and rising cases in Florida, this law could act as both deterrent and tool for prosecutors.
Retailers and brands issuing cards in Florida must now treat fraud not just as a cost of business, but as a criminal matter with real legal weight.
Bottom line: Gift cards are increasingly treated like cash—and now, in Florida, stealing them comes with consequences that match. For platforms, issuers, and corporate users, this may set precedent for tighter fraud mitigation protocols nationwide. (More)
CONSUMER TECH
Wearables Go Wide and Deep
Wearables are no longer niche. In 2024, the category outpaced even Telecom, jumping 4% in value year-over-year. That’s no accident: with 54% of buyers prioritizing step tracking and 49% focused on battery life, consumers are crystal clear on what they want—and they’re getting it. From 18,000 new products to first-time buyers making up 45% of EU5 sales, the growth is as broad as it is deep. The kicker? AI-driven features and new form factors (hello, smart rings) are setting the stage for premiumization, especially in APAC and the Middle East, where disposable income and tech appetite are surging. (More)
CONSUMER BEHAVIOR
When Feelings Trump Facts: The New Consumer Economy
Even as inflation data cools and the Fed taps the brakes on rate hikes, consumer sentiment is crashing harder than your uncle’s crypto portfolio. Confidence took a nosedive back to early-2022 lows, and the implications are real: less spending, more saving, and fewer big-ticket splurges. While the CPI looks tame, it’s consumer expectations that are on fire—now anticipating 6%+ inflation. Translation: we’re either panic-buying or cutting back entirely. Toss in the aftershock of sustained interest rates, and you've got a cocktail of psychological pressure that turns economic optimism into a mirage. When it comes to spending, it’s not just the math—it’s the mood. (More)
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