Australian shoppers are preparing to hit the End of Financial Year (EOFY) sales hard, with many looking to relieve the strain of rising living costs by snapping up bargains this month.
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).
Price-consciousness Aussies turn to sales to beat cost of living stress
With household budgets still under pressure, Australians are turning to major sales events to make every dollar count. In fact, 85 per cent of Australians report saying they are more price-conscious now than they were five years ago. More than three-quarters (76 per cent) surveyed say cost of living stress has made them more likely to shop during sales, with 7-in-10 Aussies (69 per cent) actively timing purchases around sales periods to maximise value.
Bargain-hunting is in the Aussie DNA
It seems that bargain-hunting is firmly embedded in Aussie culture, with 7-in-10 (71 per cent) admitting they ‘hate’ buying items at full price. In fact, over half of us (51 per cent) say that not buying an item you want when it’s on sale feels like you’re “losing money”.
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.
Clicks over bricks – most Aussies think the best deals are online
While in-store shopping holds its own appeal, most Aussies believe the best bargains are found online, with 71 per cent agreeing with the case. Even when shopping in-store, 69 per cent of Australians check prices on their phones while on the move to ensure they’re getting the best deals.
Cathy Jamieson, PayPal Australia’s Head of Consumer Research, commented: “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. 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.”
What we’re shopping for this EOFY
PictureEOFY shoppers are eyeing a wide range of goods, with fashion and clothing (42 per cent) topping the list. Electronics (33 per cent), health and beauty (30 per cent), and books, games or hobbies (25 per cent), follow close behind. Other popular categories include homewares or garden items (24 per cent) while sporting or outdoor items (16 per cent), tax-deductible expenses (14 per cent), and online courses or educational materials (11 per cent) feature lower on the priority list.
