By                    Vance Cariaga                

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With ongoing supply chain issues, as well, this year’s Prime Day could mean big changes for consumers and businesses alike. For sellers, it might mean offering even bigger deals, discounts and promotions to attract weary consumers — something that could save Prime members a lot of money.

1. Consumers Are Spending Less

A recent JungleScout survey of 950 U.S. consumers found that 38% of respondents are reducing their overall spending in 2022, with nearly three-quarters (72%) citing rising inflation as the reason. Seven out of 10 consumers are making fewer impulse purchases this year, while 52% of consumers are saving up for a big purchase such as a new home or a vacation.

2. Customers Will Be Eyeing Big Savings

Many Americans have taken a major financial hit over the past couple of years, first because of the COVID-19 pandemic and then surging consumer prices. This could make Prime Day deals even more attractive than they’ve been in the past. According to the survey, 53% of consumers are compelled to purchase a product when they get a deal, coupon or discount code. Nearly half (47%) said they will only purchase products that are on sale or discounted, and the same percentage said they will only purchase from their favorite brands.

See: Once the Economy Enters a Bear Market, How Long Does It Take for Stocks To Hit Their Lowest Point?Small Business Spotlight 2022: Nominate Your Favorite Small Biz

3. Home and Self-Care Products Could be Big Sellers

According to the JungleScout survey, two categories consumers are not cutting back on are home improvement and self-care. Half of respondents said they are willing to spend more money on their homes now than before 2020. About six in 10 (62%) have put a focus on self-care and wellness products, with a similar percentage exhibiting a greater interest in cooking at home vs. eating at a restaurant. Another 45% have a greater interest in interior design and home decor than they did in years past.