Amazon's Prime Day-like event kick-starts holiday discount frenzy amid high inflation

Reuters Inc (AMZN) fired up the holiday shopping season with its second major sales event of the year as rivals from Walmart to Best Buy joined in with discounts to woo customers grappling with inflation-squeezed Christmas budgets.

“The middle- to upper-income consumer is likely to take more advantage of the current deals to get a jump on the holiday season … at the lower end of the income spectrum, those consumers may hold off and buy closer to need,” Telsey Advisory Group analyst Joseph Feldman said.

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