Amazon (AMZN) is receiving criticism after a Wall Street Journal report detailed the online retailer's use of an algorithm — named "Project Nessie" — designed to raise consumer prices and ultimately drive profits. Amazon generated over $1 billion in revenue as a result, according to the report. This comes to light amid the ongoing antitrust lawsuit filed against Amazon by the Federal Trade Commission (FTC). Yahoo Finance's Rachelle Akuffo and Akiko Fujita explain the objectives of "Project Nessie" and delve into how the company effectively implemented it, touching upon its potential implications on ongoing legal proceedings. For more expert insight and the latest market action, click here to watch this full episode of Yahoo Finance Live.
PwC released its 2023 Holiday Spending Outlook, which showed 40% of consumers plan on spending more than they did last year. Some surprises from the outlook include an increase in spending from Gen-Z versus baby boomers, who plan to spend 4% less than last year, as well as Gen-Z's proclivity to shop in-person. Kelly Pedersen, PwC US Retail Leader, joins Yahoo Finance to break down the outlook and what trends are emerging from consumers for the upcoming holiday shopping season. Pedersen summarizes many of the trends, saying "we are seeing this movement towards a younger generation of shoppers and their willingness to spend more on the holiday season." For more expert insight and the latest market action, click here to watch this full episode of Yahoo Finance Live.
Amazon is hosting another mega sale in October. Read on to see if it pays to do your holiday shopping then versus waiting.