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New survey shows 27% of consumers expect to purchase items from Amazon Prime Day

Deborah Weinswig - Coresight Research Founder & CEO joins Yahoo Finance’s On The Move panel to break down how more consumers have the intention of buying items from Amazon's Prime Day.

Video Transcript

JULIE HYMAN: Let's talk about the big picture as to how many people might be shopping on Prime Day or days, as the case may be, not to mention on Walmart and Target as well. For that, we bring in Deborah Weinswig, She is founder and CEO of Coresight Research. And Deborah, you guys conducted some survey work looking at what people's plans were for shopping during this time. And seems like an awful lot of people are going to be going on Amazon over the next few days. Seven out of 10 people you surveyed said they had plans. Now are they buying or are they just looking?

DEBORAH WEINSWIG: Well, that's obviously the key difference. So the survey analyzed both kind of expect to purchase, expect to browse, don't expect to purchase or browse, and just kind of like don't know and we'll see if it's raining outside if there, as it is in New York, if we want to spend time online and do a little bit shopping. So for Amazon Prime, 27% of those surveyed said that they expected to purchase and probably had their lists all teed up, ready to go in. The remainder of that 70% expected to browse, see if something tickled their fancy.

What was impressive, considering these are the first years that both Target and Walmart are participating in these kind of deal days, the intent to purchase from them as well. And what I can also say is, we just, at Coresight, we've powered a shopping festival this weekend, which had a charitable element, the 9th to the 12th. And 40%, and once again, this is an inaugural festival, 40% of those surveyed expected to purchase or browse. So we are seeing the consumer getting there early and with the intent to convert.

ADAM SHAPIRO: There was an interesting note in your survey that jumped out at me, and I realize we're talking about online purchases. But you also said that there's an avoidance of any public places increased five percentage points to what you had seen two weeks ago. What does that truly mean for us, especially as we go into these online shopping festivals?

DEBORAH WEINSWIG: Well, that is a great question, and it was interesting. We had somebody who challenged us in terms of kind of how could Coresight help us think through the holiday season more around potential constraints in the supply chain. Let's call it November 25 to December 25. And this idea of pulling the season for word to spread that out. And I think consumers definitely feel more comfortable physically in stores earlier. But I do think retailers have been ingenious around buy online, pick up in-store, curbside pickup.

But extends beyond that. And as unfortunately we have seen stores go bankrupt or decide to close otherwise in centers, both in closed and open air centers, strip and outlets, what we're seeing is the landlords are working very closely with the large retailers and those centers to put in, what we call, dark stores, so they can stage merchandise. Consumers can kind of, there's no huge waits. Buy online, pick up in store. It's almost like a drive-through.

And we are seeing that the retailers, once again, this true partnership this year with the landlords, we believe will hopefully deliver a seamless, frictionless experience for the consumer, who has a bit more interest in terms of things, not experiences. The past five years we've been talking about experiences, not things. This year it's flipped a bit.

BRIAN CHEUNG: Hey, Cheung here. I wanted to ask briefly just about the types of things that people might be buying on Amazon with this festival today. It seems like one trend has really been for clothing. A lot of people like to buy electronics or pots and pans on Amazon, but it seems like they've had a weird distribution relationship with the likes of a Nike or Under Armor in distribution. Have you seen Amazon make a more aggressive push into apparel for these types of festivals?

DEBORAH WEINSWIG: Well, they certainly are doing their own brands. And I do think that we are seeing the consumer, anything comfy, cozy, for themselves, giving to others. We have definitely been impressed with what's happened in the apparel and footwear and fashion space, let's call it in 2020 under the kind of current environment.

But a lot of it is the consumer figuring out their new wear to work routine or wear to home routine for work. And we are seeing, I would say, apparel and fashion sales ahead of expectations. Amazon is definitely figuring out how to get in the game with their own brands and with others. And they're casting a wide net, and I think they're coming up in the know thumbs up space in terms of being able to serve the consumer.

JULIE HYMAN: Deborah, thanks so much. Deborah Weinswig, Coresight Research founder and CEO, appreciate it, Deborah.

DEBORAH WEINSWIG: Thank you very much.