BofA Securities says U.S. consumers are focused on value and sees Amazon.com, Inc. ( AMZN ) and Walmart Inc. ( WMT ) well-positioned in the e-commerce industry to reap the benefits heading into the holiday season. 

What To Know: On Wednesday, BofA released its 2025 annual e-commerce survey which monitors sector trends, inflections and outlook for the next year. The research firm expects e-commerce to grow its market share during the upcoming holiday season as consumers are drawn to online shopping by convenience, price comparability and a shorter holiday shopping window after Thanksgiving. 

The survey revealed 52% of respondents expect to increase their online spending year-over-year, compared to 46% last year. However, 62% of respondents said they are seeking lower prices due to economic changes and uncertainty about the upcoming Presidential election. 

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Why It Matters: BofA sees retailers offering consumables and value pricing, such as Walmart ( WMT ) and Amazon, as best-positioned to gain market share as consumers look for lower prices and price comparability in an uncertain environment. 

Walmart ( WMT ) remained the most popular online grocery retailer with 30% of respondents opting for the grocery giant. Amazon ( AMZN ) saw the highest spending intentions in the survey, with 45% of respondents intending to increase their usage over the next six months. 

Sixty-seven percent of respondents reported using Temu, a subsidiary of PDD Holdings, Inc. ( PDD ) – ADR , a gain of 13 points year-over-year. However, only 20% intend to increase their Temu usage, down by eight points from last year. 

Overall, BofA forecasts healthy consumer online spending in the upcoming holiday shopping season with a shift from discretionary categories into consumables. 

AMZN, WMT, PDD Price Action: According to Benzinga Pro, Amazon ( AMZN ) shares closed Wednesday's session down 0.74% at $192.53, Walmart ( WMT ) shares rose 0.90% to $81.40 and PDD Holdings ( PDD ) shares ended the session 0.12% higher at $113.94. 

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