by Talk Business & Politics staff (staff2@talkbusiness.net)

Arkansas’ real personal consumption expenditures (PCE) rose 5.3% in 2023, outpacing real personal income growth of 1.5% in 2023, according to recent data from the U.S. Bureau of Economic Analysis (BEA).

Arkansas’ real personal income was $169.738 billion in 2023, up 1.5% compared with 2023, and below the U.S. growth of 2.1%. Following are 2023 real personal income figures and percent changes among Arkansas’ metro areas.
• Northwest Arkansas: $48.089 billion, up 2.9%
• Little Rock-North Little Rock-Conway: $42.409 billion, up 2.7%
• Fort Smith: $11.48 billion, up 0.9%
• Texarkana: $6.811 billion, up 1%
• Jonesboro: $6.507 billion, up 2%
• Hot Springs: $5.078 billion, up 2.2%
• Pine Bluff: $3.662 billion, down 2.4%

2023 consumer expenditures outpace income growth in Arkansas

by Kim Souza (ksouza@talkbusiness.net)

Consumers showed up big for Amazon’s annual Prime Day sales event spending 11% more this year thanks in part to deeper discounted prices, according to Adobe Analytics. Sales for the two-day event (July 16-17) totaled $14.2 billion, up $1.2 billion from last year’s event.

Adobe reports consumers spent $7.2 billion on day one and $7 billion on day two. Most of the spending growth resulted from bigger demand rather than inflation.

The event was held more than a week later this year to be closer to back-to-school shopping. Adobe said spending on backpacks, lunch boxes, stationery and school supplies was up 216% in the two days compared to the average daily spend for those items during June 2024. Also, spending on youth apparel rose 165% in the same period.

Amazon Prime Day sales rise 11% to $14.2 billion