Amazon Prime now offers subscribers a new benefit that will allow them to save on gas.
Transcript:
Conway Gittens: I’m Conway Gittens reporting from the New York Stock Exchange. Here’s what we’re watching on TheStreet today.
It was a wobbly end to a wobbly week as corporate earnings came fast and furious and some investors set positions ahead of November elections. Consumer sentiment hit a six-month high in October. Shoppers say they feel they have more spending power after a drop in interest rates.
Looking ahead to next week: Wall Street will get a deep-dive on the labor market and the Fed’s preferred inflation gauge. Meanwhile, 5 of the so-called Magnificent 7 will report quarterly results: Alphabet, Amazon, Apple, Meta, and Microsoft.
In other news: Amazon Prime is offering up a new discount to members: cheaper gas. Prime members can save around $70 a year by knocking off 10 cents a gallon every time they fill up. The perk, however, is limited to participating BP, Amoco, and AM/PM stations. It also requires one extra step, Prime members have to sign up for BP’s loyalty app – Earnify.
Amazon Prime has a litany of perks ranging from free delivery to product discounts to media content and even Thursday night NFL football. By adding gasoline, it is taking a page from traditional retailers. Walmart, Sam’s Club, and Costco offer membership gas discounts.
For Amazon, the additional benefit comes as it tries to build a moat around Prime, as other retailers try out the subscription model. Amazon is secretive with Prime’s membership numbers, but an estimate earlier this year by Consumer Intelligence Research Partners put the number in the ballpark of 180 million in the U.S. alone.
Prime Membership costs $139 a year compared to Costco’s $65 annual fee, $98 for Walmart+, and $99 for Target Circle 360.
That’ll do it for your Daily Briefing. From the New York Stock Exchange, I’m Conway Gittens with TheStreet.
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