New high watermark on Prime Day boost, Online spend accelerates 3ppts to 16%

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New high watermark on Prime Day boost, Online spend accelerates 3ppts to 16%

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Internet/e-Commerce

New high watermark on Prime Day boost,

Online spend accelerates 3ppts to 16%

Industry Overview

Prime Day drives eCommerce up 16% y/y in June 10 July 2026

BAC aggregated credit & debit card data indicates total Online spending grew 16% y/y Equity

in June, accelerating 3ppts from May, with growth aided by Prime Day & competing United States

sales events (Online spend was up 22% y/y the week ending 6/27). For full 2Q, Online

spend grew a strong 13% y/y, accelerating 2ppts from 1Q, and outpacing brick-and-

mortar that grew 3% y/y (3ppt accel q/q). Online penetration expanded 1.8ppts y/y to

29.9% in 2Q. While comps get tougher in 2H, we expect Online penetration gains to

continue in 2026 driven by growing AI-driven Online shopping, and grocery expansion.

Justin PostAmazon: total Online growth consistent with Street ests. Research Analyst

For Amazon, Street projects N.A. Retail growth of 14% y/y in 2Q, a 2ppt accel vs 1Q, BofAS

which is consistent with BAC card data suggesting Online spend accelerated 2ppts q/q. +1justin.post@bofa.com415 676 3547

Given BAC card data, as well as Adobe Analytics data suggesting Prime Day growth was Michael McGovern

in line with expectations (see our Prime Day note here), we believe Amazon N.A. Retail Research Analyst

could meet or slightly exceed Street estimates. Comps do get tougher in July, especially BofASmmcgovern@bofa.com

in the first half of the month due to Prime Day timing. We reiterate our Buy rating on Steven McDermott

Amazon given continued Retail share gains and positive exposure to AI with AWS. Research Analyst

BofAS

Transit: growth consistent at 6% y/y, stable m/m steven.mcdermott@bofa.comHarvey Qin