Investing.com -- A new Jefferies survey of approximately 700 U.S. Amazon (NASDAQ: AMZN ) shoppers is said to have revealed resilient spending patterns despite widespread concern over rising prices.

According to the firm in a note this week, “62% spent the same or more in the past 3 months,” even as 80% expressed concern about higher prices due to tariffs on imported goods.

While most consumers haven’t significantly changed their habits (with only 3% saying they stopped shopping on Amazon), there are said to be signs of caution.

Jefferies noted that “31% are spending less in the past 3 months, and 34% are shopping less frequently.”

In the event of worsening inflation, 45% of respondents said they would reduce their Amazon spending rather than shift to other retailers, according to Jefferies.

Amazon Prime remains a major loyalty driver, with 73% of survey participants reporting they are members.

Jefferies explained that the figure is nearly three times higher than Walmart+ (26%) and far exceeds Target Circle (22%).

“The majority of consumers (57%) intend to keep their memberships,” said Jefferies, though 19% are considering canceling, slightly higher than for Walmart+ and Costco (NASDAQ: COST ).

The upcoming Prime Day, running four days from July 8–11, is expected to boost sign-ups, particularly among younger shoppers. Jefferies believes the event “should prove more impactful” this year, given the extended format and consumer focus on deals.

Amazon continues to dominate in key online retail metrics. “Amazon ranks #1 in shipping (72% of respondents vs. 13% for Walmart (NYSE: WMT )) and selection (74% vs. 13%), and is a close #2 in low prices (37% vs. 46% for Walmart),” according to the survey.

Jefferies maintained a Buy rating on Amazon, noting the stock trades at a “~30% discount to its 10-year average EV/EBITDA.”