Hours after the RBA put rates on hold on Australia it’s been revealed that trading on day one of Amazon’s Prime Day was down 14%, in early trading with three days now left to make up the slump, Amazon shares fell 1.8% in New York on the news.

The popular event which kicked off yesterday has in the past been a litmus test for the state of the market.

The slump in demand for discounted products sends a wary message to those planning Black Friday strategies.

The 14% fall in the first four hours of the event compared with the start of last year’s sale, was measured by Momentum Commerce, which manages 50 brands in a variety of product categories on Amazon’s web site.

Among the products monitored by Momentum Commerce Beats Therabody massagers, Skullcandy and Crocs products.

With three sales days left to make up the numbers Amazon management are punting on making up the difference with insiders claiming that shoppers could be holding off in the hopes that discounts will deepen as the sale proceeds.

Momentum, which manages Amazon sales on behalf of several key brands generates about US$7 billion in sales annually on Amazon, giving it a large sample to assess Prime Day.

In 2024, Prime Day sales spiked on the morning and evening of the first day and again on the evening of the second day. This year’s four-day event will spread sales over a longer period.

Amazon shares fell 1.8% at 10:59 a.m. in New York.

Bloomberg claims that before this year’s sale began, some sellers were planning to sit out the event in the wake of tariffs imposed by President Donald Trump that have pushed up prices for many products imported from China.

Some claim that the lack of discounted goods from Chinese manufacturers could be contributing to the perception that there are less discounts this year than in the past.

Amazon didn’t immediately respond to a request for comment on Momentum Commerce’s findings. In a previous statement, a company spokesperson said: “We’re working with our broad, varied range of valued selling partners in our store to support them in adapting to the developing environment while maintaining low prices and broad selection for customers.”