, their tightening campaign has pushed up mortgage and credit card repayment rates.
Red-hot inflation and higher borrowing costs have combined to hammer shoppers' wallets – and that explains why Amazon is offering so many discounts this year, according to Bank of America. "Multiple retailers, including Amazon, have noted consumers are more cost-conscious in 2023," analysts said in a research note Tuesday, pointing out that the e-commerce giant is offering 60% off Gap clothing, 50% off Sony headphones, and 40% off Peloton Bikes.
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