As cost-of-living concerns persist, Australian consumers are turning to End of Financial Year (EOFY) sales to stretch their budgets.
PayPal’s research shows that 71 per cent plan to participate in the sales, nearly twice the 38 per cent who intended to shop during the same period last year.
According to PayPal, about 85 per cent are now more price-conscious than they were five years ago. Cost-of-living stress is driving 76 per cent to shop during sales, and 69 per cent plan purchases around sales to get better value.
Bargain-hunting is a strong part of Australian shopping culture, with 71 per cent expressing a strong dislike for paying full price. Moreover, 51 percent feel they are “losing money” if they miss the opportunity to buy an item they wanted on sale.
EOFY sales are seeing the strongest interest from the ‘Sandwich Generation,’ those caring for both kids and elderly parents, with 86 percent indicating they plan to shop this year. Younger Australians are also getting involved, with 81 per cent of Gen Z and 82 per cent of Millennials intending to participate, while interest declines among Gen X (67 per cent) and Baby Boomers (50 per cent).
In-store shopping continues to attract interest, yet 71 per cent of Australians believe the best deals are found online. Even when shopping in physical stores, 69 per cent of consumers use their phones to compare prices to ensure they are getting the best deal available.
“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,” said Cathy Jamieson, PayPal Australia’s Head of Consumer Research.
“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.”
Fashion and clothing are the top priorities for EOFY shoppers, with 42 per cent planning purchases in this category. Electronics (33 per cent), health and beauty products (30 percent), and books, games, or hobby items (25 per cent) also rank highly.
Other categories of interest include homewares and garden items (24 per cent), while sporting goods (16 per cent), tax-deductible purchases (14 per cent), and online learning materials (11 per cent) are less commonly targeted.