Aussie shoppers are expected to spend $9.3 billion on mid-year / End of Financial Year (EOFY) sales, which is up $500 million from last year.

The Australia Retailers Association (ARA) found that while shoppers will spend more per person than last year, the overall amount of Australians will lower when it comes to spending during the mid-year sales. Approx. 5.8 million Aussies, 400,000 less than last year.

It is expected those who shop during the mid-year sales, will spend an average of $1,616 each, approx. $200 more per person compared to last year.

$2.5 billion is expected to be spent in New South Wales, which is down 21.8% from $3.2 billion last year. $2.4 billion is expected to be spent in Queensland, which is up 41.1% from $1.7 billion last year, and $2.1 billion is expected to be spent in Victoria, which is up 10.5% from $1.9 billion last year.

The biggest shopping age gap is the 50-64-year-old demographic, encompassing 37.6% or $3.5 billion.

Just over half (51%) is expected to shop online.

ARA CEO Paul Zahra has said, “The mid-year sales are a fantastic opportunity for bargain hunters to grab a great deal as retailers slash prices on a range of clothes, shoes, accessories, homewares and electricals to make way for new season’s merchandise.”

“Shopping online has proven to be particularly popular at this time of the year as shoppers look for convenience and to shop from the comfort of their own home particularly during the colder winter months.”

“We are also heading towards the EOFY and with tax time on the horizon, we typically see a lot of savvy shoppers on the lookout for work-related products to claim – making computers, phones and technology highly sought after.”

He explained that while the overall mid-year sales spending forecast increased 5.7% from last year, there are fewer people shopping.

“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.”

“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.”