Amazon’s Prime Day event begins June 23 as shoppers battle inflation

Amazon’s The annual Prime Day event will be held over four days from June 23rd to June 26th for the second year in a row.

Launched in 2015, Prime Day is Amazon’s initiative to organize a holiday-like shopping event in the middle of the year. It also serves as a way for Amazon to attract new members to its $139-a-year loyalty program and promote its products and services.

Jamil Ghani, Amazon’s vice president of Prime, said in an interview that the company chose to keep the extended period in place because last year it observed Prime members browsing and purchasing products throughout the entire four-day period.

The company intends to offer limited-time sales and new discounts daily to entice shoppers to attend the event for more than one day, Ghani added.

But Amazon is battling tough economic conditions, with U.S. consumer sentiment dropping to an all-time low in May, according to data collected by the University of Michigan. Although high oil prices and the war between the United States and Iran are primarily responsible for the worsening sentiment, many respondents, especially low-income consumers, said high prices are putting a strain on personal household finances.

Mr Ghani said food and household goods would be the “real focus” of this year’s promotion. Shoppers will be able to buy produce, hot dog buns and meat for just $1, and some personal care items like soap will be half price.

Consumers are using Prime Day and other discount events to stock up on practical goods rather than luxury goods. In recent years, economic uncertainty has led shoppers to reach for trash bags and dishwasher pods during Prime Day, in addition to usual favorites like Instant Pots and Echo smart speakers.

“We are acutely aware that there is economic uncertainty and everyone is trying to push the dollar, euro and rupee further,” Ghani said.

WATCH: FedEx CEO reacts to Amazon Supply Chain Services announcement