Home > Latest News > Aussie Shoppers To Spend A$10.1 billion On EOFY Sales

Aussie Shoppers To Spend A$10.1 billion On EOFY Sales

In a boon to retailers across Australia, shoppers within the county are tipped to spend A$10.1 billion on mid-year/end of financial year (EOFY) sales.

That figure is up A$800 million, or an 8.6 per cent, over 2023, according to research by Australian Retailers Association (ARA) in collaboration with Roy Morgan.

In a healthy sign for retailers, more than a quarter of Australians (27 per cent or 6.2 million) will participate in the sales – up 1 per cent or 400,000 more than did so last year.

Each of those shoppers participating in the mid-year/EOFY sales will spend an average of A$1,638 – up A$22 per person from 2023.

Among EOFY shoppers, 35 per cent plan on spending more than last year, 43 per cent plan on spending the same and 22 per cent plan on spending less.

The most popular categories which shoppers will target include clothing, footwear and accessories (39 per cent of respondents), followed by electronics and tech (12 per cent of respondents), household items and décor (12 per cent of respondents) and appliances and white goods (11 per cent of respondents.)

ARA CEO Paul Zahra said, “The mid-year sales have already commenced and present a fantastic opportunity for bargain hunters to score great deals, as retailers reduce prices on a wide selection of clothes, shoes, accessories, homewares, furniture and electronics. 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.”

The upcoming boom in sales will be welcomed by retailers who have been battling against stubbornly high inflation rates and a cost-of-living crisis that has dampened discretionary spending.“These sales will likely represent one of the last significant opportunities for retailers to stimulate sales, given the current, protracted consumer spending downturn. Household budgets have been under significant strain and the mid-year/EOFY sales are a great opportunity for shoppers to get great value for money,” added Zahra.

The Albanese government has been blamed as overseeing a period wherein 17,000 businesses folded after becoming insolvent since it came to power.

As ChannelNews recently pointed out, under the nearly two years of Labor’s homegrown inflation, the price of everyday essentials and services have all risen double digits. These include: food (11 per cent), housing (14 per cent), rents (13 per cent), electricity (20 per cent), gas (25 per cent), health (11 per cent), education (11 per cent), financial and insurance (15 per cent).

You may also like
Coles, Woolies Could Be Fined Billions Under New Code Of Conduct
M&K’s New Volkswoofer Limited To Just 100 Pieces Coming To Oz
Prezzee Gift Cards, Accepted By Aussie Retailers, Could Be Hit By Scammers
Kaspersky Security Software Banned Over Russia Links
Oz retailer Booktopia pauses trading on ASX