Shopper has released its End of Financial Year (EOFY) 2022 Study, which reveals almost nine in 10 shoppers will participate in EOFY sales this year.
Karissa Fletcher, Shopper’s chief marketing officer, says brands ought to consider consumers as well as businesses when planning EOFY campaigns.
“End of Financial Year sales trends have evolved. What was traditionally a business-to-business focus in the lead up to the financial year-end now presents an opportunity for brands to supercharge their marketing to consumers. While businesses take a tax-driven approach to purchases, securing equipment, technology and upgrades, the consumer is personally motivated and in search of a good deal – and both need to be reflected in the campaign creative,” explains Karissa Fletcher.
“Families are likely to spend 34 percent more (an average of $717) during the 2022 EOFY sales, compared with the average consumer spend of $535. Meanwhile, most business owners (75 percent) spend more in the lead up to tax time than other times of the year. This sale period presents brands with a unique opportunity to target both business owners and consumers with time-sensitive discounts. A heightened sense of urgency, along with projected tax benefits, product and service upgrades and overall value, primes them for purchase. It’s also critical to build brand preference in the lead up to key sales periods when competing for consumers attention is at its peak.”
The Shopper End of Financial Year 2022 Study surveyed 2,516 Australians during May 2022.
The findings revealed that:
- 73 percent of shoppers plan to buy a big-ticket item in the next six months, presenting an opportunity for brands to attract new customers through an EOFY push.
- 34 percent of consumers are likely to trial new brands and products around key sale events, as the risk associated with the purchase is lower than when compared to full-priced items.
Technology is at the top of the wish list for business owners, followed by cars and uniforms. For consumers, fashion and homewares are the most popular, with home furnishings and computers and electronics also rating highly.
Regardless of the category, more than a third of shoppers are likely to visit retailers in store before purchasing goods, and during a sale period, 48% will spend more time shopping. With 65 percent of shoppers indicating they prefer to buy in store rather than online, retail out-of-home (OOH) advertising offers brands the opportunity to reach EOFY shoppers in the right place at the right time.
“Sales fatigue can be high as shoppers are bombarded with offers during seasonal and shopping events, but retail OOH enables brands to stay top of mind and tailor offers to meet varying needs while shoppers are in a purchasing mindset. This is possibly why more than 75 percent of business owners believe messaging in shopping centres is more credible than other media, and why 4 in 5 Australians admit to purchasing a product or service after seeing it advertised in a shopping centre. The figures speak to the power of retail OOH,” says Karissa Fletcher.
Shopper’s 100 percent digital retail panels are now in more than 450 shopping centres nationally. With dynamic advertising capability and 100 percent proximity, coupled with data-driven precision, Shopper’s panels reach audiences at the right place and the right time. Shopper’s Retail OOH has the potential to reach over 14 million Australians and a multi-channel OOH campaign offers an efficient way to achieve reach and scale during this year’s EOFY sales.
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