NASHVILLE, Tenn. (WTVF) — Amazon Prime Day is underway and millions of shoppers are expected to take advantage of deals on everything from electronics to paper towels.
Last year, shoppers worldwide bought around 300 million items and spent $7 billion during the event. This year, Prime Day is predicted to generate around $8 billion.
Financial experts recommend shoppers plan ahead and make a list of items they need rather than just start purchasing things they want. To make sure the discounted item they are considering is actually a good deal, the shopper can check the price on other websites.
"If you know what you're looking for, Google it and compare it against other websites," said Dale Smothers, president and founder of RDS Wealth Management which serves clients in Nashville and Bowling Green. "I’m also an advocate of looking at stores that are close to you."
Smothers said while Prime Day can be a good opportunity to save money on essential items, spending can get out of control quickly. He said in many cases, it may be best for people to not shop online at all.
"It may be a wise decision to consider investing that money as opposed to using for consumer goods that will go in a short period of time," said Smothers.
The Better Business Bureau (BBB) is also warning shoppers to keep an eye out for phishing scams, misleading advertisements or fake websites.
"During Prime Day every single year, scams will happen," said Lorneth Peters, Director of Marketing and Communication for the BBB.
Peters said to be weary of unsolicited emails, texts or phone calls advertising deals, and social media ads may look legitimate but could lead consumers to a fake website.
The BBB also recommends shoppers keep track of all their purchases and always pay with a credit card. This will make it easier to refute any illegitimate charges.
Anyone can report suspected fraud to the BBB by filing a complaint https://www.bbb.org/file-a-complaint [bbb.org] or report a scam using BBB.org/Scamtracker.
Walmart, Target, and Best Buy are also running deals to compete with Prime Day.
Prime Day began on Tuesday, July 11 at 3 a.m. ET and runs through Wednesday, July 12, in 2023. You must have a Prime membership to take advantage of the deals. Membership costs $139 a year or $14.99 per month.
