Australia’s younger shoppers are becoming savvier when it comes to spending their money, with almost two thirds of Gen Z (61 per cent) and more than half of millennials (55 per cent) saying they have waited until an item went on sale before making the plunge to buy it online.
In fact, according to the PayPal EOFY Sales Trends Report 2021, it’s not just the younger ones that love a bargain, as 50 per cent of Australian consumers across the board report that they ‘hate buying at full price’. Even while shopping in-store, two in five Australians (40 per cent) admit they’ve researched online prices on their mobiles, to ensure they are nabbing the best deal for their money.
PayPal’s consumer shopping expert, Jessica Rix, admits everyone loves getting a good deal including millennials.
“As the sales cycle gets busier than before, we’re seeing more millennial shoppers looking for deals to make their dollars go further,” she says.
“On the flipside, this means millennial shoppers can be reluctant to spend outside of sales season―we found over a quarter (27 per cent) saying they only shop when items are on sale or discounted with only one in ten (10 per cent) saying they don’t care whether items are on sale or not.”
Nearly a third of Australians (31 per cent) believe there are more sales on now than two years before, with about a quarter (23 per cent) attributing this to the economic impact of Covid-19.
“With so many sale events now, it is easy to get carried away. Still, it is important to plan and keep a cool head going in. Sales are a great time to buy what you need or try something new, as long as you are spending within your means and love your new purchases.”
While slightly more Australians still shop the sales in-store (55 per cent), the scales are shifting with the majority saying they prefer to shop the sales online (51 per cent). This preference to shop online is significantly higher for younger shoppers, with millennials leading the charge (70 per cent).
Aussie shoppers see a variety of benefits to shopping the sales online rather than in-store. Over a third of Australians say it is faster and more convenient to shop sale events online (39 per cent), that there is more product choice online (37 per cent) and that they get better deals online (36 per cent).
The good news for consumers is that many businesses recognise the importance of offering discounts to attract new customers and earn consumer loyalty.
“Regardless of whether a consumer is shopping in-store or online, digital experiences are becoming the consumer expectation. With nearly 40 per cent of Australians reporting that they’re on their mobile phones researching competitor prices while physically shopping in-store, retailers can’t underestimate the importance of digital across all environments.
“Covid increased the pace of consumer behaviour change. More Aussie shoppers started buying online and picking up in-store and conversely going to physical stores to view goods then making digital purchases to have delivered to their door. Digital has become intrinsic to both online and off line channels and we are seeing Australian consumers adapting their behaviours to seize the best of both digital and traditional sales,” concludes Rix.
