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% of Australians intend to shop the EOFY sales – almost double the number who said they planned to shop the EOFY sales last year (38%).
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% of Australians report saying they are more price-conscious now than they were five years ago. More than three-quarters (76%) surveyed say cost of living stress has made them more likely to shop during sales, with 7-in-10 Aussies (69%) 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%) admitting they ‘hate’ buying items at full price. In fact, over half of us (51%) 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% planning to shop EOFY sales this year. Younger Australians are also looking to EOFY savings as 81% of Gen Z and 82% of Millennials say they’ll participate in the sales, compared to 67% Gen X (67%) and just 50% 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% agreeing with the case. Even when shopping in-store, 69% 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
EOFY shoppers are eyeing a wide range of goods, with fashion and clothing (42%) topping the list. Electronics (33%), health and beauty (30%), and books, games or hobbies (25%), follow close behind. Other popular categories include homewares or garden items (24%) while sporting or outdoor items (16%), tax-deductible expenses (14%), and online courses or educational materials (11%) feature lower on the priority list.
PayPal’s Tips for Safe and Savvy Online Sale Shopping:
1. Plan purchases: Before you join the virtual queue, make sure you’ve made a list and decided how much you’re happy to spend. Just because a price has been significantly discounted, doesn’t mean it’s the right purchase for you.
2. Scrutinise suspicious sites: Fake versions of online retail websites can look very similar to the real thing. If you spot images that don’t resize properly, or anything that doesn’t look right, check the URL, navigate to the genuine site separately, and if in doubt, don’t check out.
3. Check reviews: If other shoppers have had negative experiences with a specific online seller, including fraud, they may have posted about it online to warn others.
4. Understand returns options: Make sure there’s a way out if the purchase isn’t 100% right and shop with retailers that offer a reasonable returns policy.
5. Compare prices in real time: It’s good practice to compare product prices between different retailers on the day of your planned purchase, as things can change quickly.
6. Keep your financial details safe: Using a secure payment method like PayPal can help protect personal and financial information from potential fraud.