Australian shoppers are expected to spend $10.5 billion on mid-year/end-of-financial-year (EOFY) sales, up 3.9 per cent from the year-ago period, according to research.
The Australian Retailers Association (ARA) collaborated with Roy Morgan on a study and found that 26 per cent of Australians will participate in the sales, virtually unchanged from last year.
About 37 per cent of those who intend to shop plan to spend more than the prior year, while 42 per cent plan to spend the same amount. Meanwhile, around 21 per cent said they intend to spend less.
Overall, the research estimates that an average shopper for the season will spend an additional $76 this year, up 4.6 per cent to $1,714.
Shoppers aged under 35 are anticipated to spend the most, $2,065 in average and $4.3 billion overall. The age group also has the largest number of spenders who will take advantage of the EOFY sales.
“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,” said Fleur Brown, ARA chief industry affairs officer.
“Many savvy shoppers are on the lookout for work-related products to claim on their tax
return. This is making computers, phones, and other technology highly sought after.”
Clothing, footwear and accessories emerged as the most popular categories, followed by household appliances and whitegoods, and electronics and tech.
Thirty six per cent of the survey’s respondents said they will spend between $1000 and $4999, while five per cent said they will spend $5000 or more.
Around 22 per cent said they will spend $500 to $999 and 31 per cent said they are planning to spend less than $500.
The research also found that men are expected to spend an average of $2044 while women are estimated to spend an average of $1430.