With household budgets still under pressure, Australians are turning to major sales events to make every dollar count.
New research from PayPal reveals that 71 per cent of Australians intend to shop the EOFY sales, almost double the number who said they planned to shop the EOFY sales last year (38 per cent).
While in-store shopping holds its own appeal, most Aussies (71 per cent) believe the best bargains are found online. Even when shopping in-store, 69 per cent of Australians check prices on their phones to ensure they’re getting the best deals.
“This EOFY, Australians are proving that bargain-hunting is more than just a habit—it’s a strategy for navigating economic tensions, with three quarters of Australians saying that online sales events can help them manage cost of living pressures,” says Cathy Jamieson, PayPal Australia’s head of consumer research.
“While sales can be a great way to save money on things you need or already intend to buy, it’s important to plan purchases and set budgets to avoid impulse buys and overspending.”
Among the ‘Sandwich Generation’—those managing both children and elderly parents—the intent to spend is highest, with 86 per cent planning to shop EOFY sales this year. Younger Australians are also looking to EOFY savings as 81 per cent of Gen Z and 82 per cent of Millennials say they’ll participate in the sales, compared to 67 per cent Gen X (67 per cent) and just 50 per cent of Baby Boomers.
EOFY shoppers are eyeing a wide range of goods including homewares and garden products and health and beauty as well as big ticket items such as household appliances and white goods and electronics, according to research by the Australian Retailers Association (ARA) and Roy Morgan.
ARA chief industry affairs officer Fleur Brown says mid-year/EOFY sales provide an excellent opportunity for shoppers to find great deals on big-ticket and seasonal items or make tax-deductible purchases.
“The sales have already begun,” she says.
“Retailers have reduced prices on a wide selection of clothes, shoes, accessories, homewares, furniture and electronics and it’s a terrific opportunity for shoppers to find great deals for winter.
“Many savvy shoppers are on the lookout for work-related products to claim on their tax return. This is making computers, phones and other technology highly sought after.”
Brown adds the mid-year/EOFY sales are especially important for retailers this year, given the slowdown in discretionary spending.
“Given market volatility and persisting headwinds, these sales present an opportunity for retailers to stimulate growth as they begin to recover from the protracted spending downturn.
“Household budgets have been under significant strain and the mid-year/EOFY sales are a great opportunity for shoppers to get great value for money.”
