EOFY Sales to Bring in $10B

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By Published On: June 5, 20240 Comments

EOFY sales are set to bring a much needed retail boost with shoppers not only looking to maximise their deductibles.

Research from the Australian Retailers Association (ARA) in collaboration with Roy Morgan found more than a quarter of Australians (27 percent or 6.2 million) will participate in End of Financial Year (EOFY) sales, 400,000 more shoppers than last year.  

These shoppers are expected to spend $10.1 billion on EOFY sales, up $800 million from 2023. Each shopper is expected to spend an average of $1638.

Thirty-five percent of shoppers plan on spending more than last year, 43 percent plan on spending the same and 22 percent plan on spending less.  

The most popular categories are clothing, footwear and accessories (mentioned by 39 percent of respondents), electronics and tech, household items and décor (both mentioned by 12 percent of respondents), and appliances and white goods (mentioned by 11 percent of respondents).

“As we approach the end of the financial year, many savvy shoppers are on the lookout for work-related products to claim from their tax return, making computers, phones, and other technology highly sought after,” said ARA CEO Paul Zahra.

“Whilst an additional $800 million will be spent this year, much of that increase is due to Australia’s rapidly growing population.” 

“These EOFY sales will likely represent one of the last significant opportunities for retailers to stimulate sales, given the current, protracted consumer spending downturn.

Recent research from PayPal Australia has found that this year, people shopping the end of financial year sales are not just looking to maximise tax deductions. 

Paypal Australia has found that 51 percent of EOFY shoppers will be looking for clothing, 31 percent electronics, followed by homewares and garden items (26 percent), and health and beauty products (also 26 percent). Only one-in-ten shoppers will shop for tax deductibles.

“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,” said PayPal Consumer Shopping Expert Bonnie Brady.

About the Author: Rosalea Catterson

Rosalea is the Editor of Power Retail. With a keen interest in consumer behaviour and tech, she covers everything ecommerce and hosts the Power Retail Power Talks Podcast.

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