Despite fears of a looming recession, Aussie shoppers are tipped to spend $9.3 billion in the upcoming end of financial year sales.
This is according to a survey from Roy Morgan, commissioned by the Australian Retailers Association, which also shows that shoppers will spend more per person this year — an average of $1,616 each — with the total spend expected to be up $500 million from last year.
Less overall Australians are expected to take part in the sales blitz, with 5.8 million shoppers — down 400,000 — predicted to hit the stores this EOFY.
Just over half (51 per cent) will shop online, while the 50-64-year-old demographic will make up 37.6 per cent of all shoppers.
“We’re in the midst of a cost-of-living crisis, and this is certainly reflected by the fact that 400,000 fewer Australians will be opening their wallets in the midyear/EOFY sales,” said ARA CEO Paul Zahra.
“Discretionary spending is certainly softening, but the reality is that those not significantly impacted by interest rate increases are looking for great deals and are prompted during the EOFY sales to purchase items for work or business that they can claim a tax-deduction.
“There is no better time to buy than during the mid-year sales and EOFY promotions. We expect many shoppers are looking to grab a good deal to save money.”
