While EOFY sales are viewed by many as an opportunity to stock up on discounted work-related items and maximise tax deductions, this year might be a little different.
Recent research from PayPal shows that only one in 10 (12 per cent) will be shopping for tax deductibles, with most (51 per cent) shopping for clothing or fashion, followed by electronics (31 per cent), homewares and garden items (26 per cent), and health and beauty products.
“As the cost-of-living crisis continues, it’s clear that Australians are eager to save money whenever and wherever they can, looking to online sales events to help reduce spending,” says PayPal consumer shopping expert, Bonnie Brady.
“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.”
Indeed, more than half (52 per cent) says online sales can help them manage the current cost-of-living pressures. The fact that two-in-five (42 per cent) will shop the EOFY sales online rather than in store this year may be another sign of economic times, as the same proportion (40 per cent) says it’s easier to compare prices online and that they usually get better deals.
Despite the preference for digital discounts, almost all Australians (93 per cent) are concerned about online security, with fake retail sites now leveraging generative AI to be more convincing than ever. In addition, 85 per cent of Australians say scams are becoming more sophisticated and harder to recognise and two-in-five (40 per cent) are more concerned about online security than they were a year ago.
“The convenience of online shopping has never been more popular, but we must all do the work to learn how to stay safe online and to keep that understanding up as new threats emerge,” Brady adds.
“The protective steps that each of us can take are simple and often free, but no one can take them for us.”
Related News
