Amazon's (AMZN.US) Prime Day 2024 is about to begin! Adobe: The big sale is expected to drive online consumption to a new high this year.

Adobe released its online shopping forecast for Amazon's (AMZN.US) Prime Day event starting July 16, 2024.

Adobe expects $7.1 billion in online revenue on Prime Day's first day, up 11.3% YoY. The second day of Prime Day is expected to bring $6.9 billion in online spending, up 9.2% YoY. Total online spending is expected to grow 10.5% YoY to a new record of $14 billion.

Notably, strong spending is expected to be driven by larger discounts this year, with discounts possibly as high as 22%. Electronic products are expected to have the largest discounts, at 22%, down from 14% last year. Apparel (20%, down from 12% last year), home/furniture (17%, down from 9% last year), toys (15%, down from 12% last year), TVs (14%, down from 5% last year) and sports (11%, down from 6% last year) are also expected to see significant discounts. The shopping event is also expected to drive strong back-to-school online spending, partially due to the later date of Amazon's Prime Day.

Online spending by consumers is up 7.4% YoY to $50.29 billion in the first half of the year. Online spending is expected to reach $229.1 billion over the next three months, up 7.2% YoY, according to Adobe.

However, the discounts provided by Amazon could impact many retailers, including Mattel (MAT.US), Hasbro (HAS.US), Buybuy (BBY.US), Gap (GPS.US), Macy's (M.US), Dick's Sporting Goods (DKS.US) and Target (TGT.US).