Research, consumer sentiment, and analysts are able to show that Prime Day is more about getting users to sign up for Prime and marketing the brand, than it is about providing deals to existing customers.

You can use a historical price checker like CCC or Keepa to actually verify the prices are lower, as it is a common tactic to raise prices before a sale and then trick customers into feeling like they got a deal with a large % drop, like 50% off. Also keep in mind many sites will be pushing the event despite lackluster deals, because they want people to come to their site to see the aggregated 'deals' (getting ad revenue), and some of them will be linking to Amazon for that sweet affiliate money on anything you buy.

Here are the stats:

Comparing black friday prices to Amazon day:
BF Prices for Laptops were 5% cheaper
BF Prices for Small Appliances were 3% cheaper
BF Prices for Tablets were 7% cheaper
BF Prices for TVs were 15% cheaper
BF Prices for Video Games were 12%
On average prices were 9% lower on BF than prime day.
Of 450 best-sellers, only 43 were discounted 10% or more on primeday
Adobe's social media tracker found 50% of shoppers were disappointed, 23% felt joy
Last year, our staff scanned nearly 8,000 deals and found only 64 worth posting.

(This is a repost from a few years back in this sub). However, it sadly still remains true in 2023. And with recent events the past 3 years, more people are hopping on the frugal train.