Despite growing concerns over rising prices and trade tariffs, U.S. Amazon (NASDAQ:AMZN) shoppers remain largely committed to the platform, according to a new Jefferies survey. The poll of nearly 700 U.S. consumers revealed steady spending behavior, with 62% spending the same or more in the past three months.
While 80% of respondents voiced concern about price increases due to tariffs, the impact on consumer behavior appears limited:
Only 3% reported completely stopping their purchases on Amazon.
31% said they are spending less.
34% noted a reduction in shopping frequency.
However, Jefferies analysts noted early signs of caution. “In the event of worsening inflation, 45% said they would reduce Amazon spending rather than shift to other retailers,” the note said.
Amazon’s Prime membership program continues to be a powerful retention engine:
73% of surveyed shoppers are Prime members, compared to 26% for Walmart+ and 22% for Target Circle.
57% of consumers intend to retain their membership, though 19% are considering cancellation—a slightly higher churn risk than competitors like Walmart+ and Costco (NASDAQ:COST).
Jefferies anticipates a spike in Prime sign-ups during Amazon’s four-day Prime Day event from July 8–11, especially among younger shoppers. The extended format and deeper discounts could make this year’s event more impactful than prior editions.
The survey reaffirms Amazon’s dominance in several key online retail categories:
Shipping: 72% of respondents rated Amazon #1 (vs. 13% for Walmart)
Product selection: 74% chose Amazon as best in class
Pricing: Amazon ranked second in value (37%) behind Walmart (46%)
This brand strength supports Jefferies’ continued bullish outlook. The firm maintains a Buy rating on Amazon stock, citing strong platform loyalty and relative pricing power.
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Amazon remains a dominant force in online retail—even in an inflationary environment. As tariffs and macroeconomic pressures unfold, Prime membership strength and logistical superiority are helping Amazon retain wallet share. Jefferies’ survey reinforces the platform’s resilience and underlines why the stock remains a Buy for many investors.
