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CONSUMERS SAY AMAZON’S BIG SPRING SALE WAS STRONGER THAN WALMART+ WEEK

By PYMNTS  |  April 16, 2024
 | 



Last month, Amazon introduced its first-ever Annual Big Spring Sale. Whereas
Amazon’s Prime Days events are designed to woo Amazon subscribers into filling
their shopping carts with merchandise, the Big Spring Sale was the first Amazon
event to cater to non-subscribers as well.

As PYMNTS Intelligence found in its Amazon’s First Annual Big Spring Sale Report
— which analyzed the big event by surveying more than 7,000 shoppers — overall,
the Spring Sale fell short when compared to what Prime Days typically generate
in terms of participation and sales.



For starters, there was less consumer engagement. From 2021 through 2023 Prime
Days sales drew in a solid 36% to 40% of U.S. shoppers. The Big Spring Sale,
however, drew in just 28% of consumers, meaning Spring Sale turnout was 29% less
than an average Prime Days draw.

Equally important, shoppers who participated in Amazon’s Big Spring Sale bought,
on average, six items during the sale, which is one less than what was purchased
during the last Prime week sale. Not only did shoppers buy less, but they bought
fewer high-end items (home appliances, electronics and furniture), choosing
instead to stock up on daily-use merchandise, such as clothing, accessories and
beauty and health products.

Despite these setbacks, the Spring Sale did capture the attention of 28% of U.S.
consumers, and — perhaps even more importantly — it also helped convince nearly
1 in 4 non-Prime members who participated to subscribe to Prime.

Additionally, Amazon’s Big Spring Sale overshadowed another big, annual
eCommerce extravaganza: last year’s Walmart Plus Week.

In exclusive data that was not included in our original Amazon’s First Annual
Big Spring Sale Report, we compared how consumers perceived the two big shopping
events.

Amazon performed significantly better in every comparison we asked about. When
it came to offering impressive discounts, 44% of respondents said Amazon
outpaced Walmart (24% said Walmart did better). Amazon also impressed far more
consumers (48%) than did Walmart (22%) in the area of product selection. When
asked to rank the overall shopping experience, 47% preferred Amazon, whereas
only 20% sided with Walmart.

However, the exclusive PYMNTS Intelligence data tells another tale that might be
easy to overlook: when asked to compare the quality of the discounts and the
overall shopping experience, more than 31% said both retailers were “about the
same,” suggesting both have ample opportunity to win over online shoppers the
next time.



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EUROPEAN BANKING FEDERATION SAYS EU SHOULD STREAMLINE REGULATION

By PYMNTS  |  April 16, 2024
 | 



The European Banking Federation (EBF) is calling on the European Union (EU) to
streamline regulation of banks and to declare banks a “strategic sector.”

The group is promoting these reforms as a way to boost the competitiveness of
the region’s banks, Reuters reported Tuesday (April 16).

EBF CEO Wim Mijs told reporters Tuesday during a briefing that Europe must take
a hard look at its strategic sectors like defense, energy and manufacturing,
which it has “outsourced” to the United States, Russia and China, respectively,
according to the report.

Banks are making their request for “strategic” status in a formal way for the
first time, though EBF President and Deutsche Bank CEO Christian Sewing urged
that recognition last year, the report said.

It’s not clear what advantages that status would bring, because the EU does not
publish a list of strategic sectors, per the report.

Banks also called for a streamlining of regulation, saying that while the
reforms made after the global financial crisis made the industry more stable,
the regulation is now excessive, overwhelming and increasingly overreaching,
according to the report.

The EBF said regulations should be reviewed in terms of not only stability but
also competitiveness and growth, per the report.

Critics of demands like this from the banking industry have said that regulation
provides stability and must not be undermined, according to the report.

In an earlier development in this space, the head of France’s central bank said
last May that European banks undergo stricter scrutiny from regulators than
their American counterparts and have been more stable amid market upheavals.

“Our banks are robust, with substantial capital and liquidity buffers,” Francois
Villeroy de Galhau said May 9, 2023, as reported at the time by Bloomberg News
from its Future of Finance Forum.

“They are all subject to a) stringent Basel requirements and b) to single and
strong supervision within the Banking Union since 2014, which on these two
regards makes a big difference with many U.S. banks.”

In February, the European Council adopted a regulation making instant payments
available in euros to consumers and businesses in the EU and European Economic
Area nations.

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