Discounts are keeping consumers spending this summer

A recent boom in value meals and e-commerce promotions has kept shoppers opening their wallets — and powering the economy as inflation cools.

Companies are offering deep discounts this summer, and consumers are cashing in on them.

From Amazon to McDonald’s and Best Buy to JetBlue, major brands are ramping up efforts to get price-pressured customers to keep opening their wallets, and recent data shows it’s working.

The U.S. economy grew a solid 2.8% in the second quarter, according to government estimates released Thursday. Federal researchers pinned much of that unexpectedly strong jump on consumer spending on goods and services alike — from cars and furniture to vacations.

During the tenth anniversary of Amazon's two-day Prime Day summer sales event last week, shoppers spent a record $14.2 billion across U.S. online retailers, up 11% since last year’s Prime Day, according to Adobe Analytics. And the higher sales totals weren’t due to higher prices, according to Adobe. Instead, the analytics firm’s data shows e-commerce prices have fallen for 22 months straight, and those discounts have helped juice demand.

For the first time in a long time, we’re seeing order volumes turn positive and discounting is high.

https://www.nbcnews.com/business/economy/discounts-are-keeping-consumers-spending-summer-rcna163034

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