Despite increasing cost of living challenges, spending on passions prevails, according to new research by eBay Australia, with over 45% of Australians eagerly awaiting sales moments to buy non-essential items and over 55% spending half or more of their EOFY budget on the things that truly bring them joy.
The research reveals Australians are increasingly embracing EOFY sales year after year, with 30% of respondents spending $500 or more during the sales in 2021, and this percentage increasing to over 35% in 2022. This shows no sign of slowing down, with one in five (nearly 20%) respondents planning to ramp up their spending even more during the 2023 EOFY sales.
In the past 12 months, Australians have become savvier in managing their finances, with three in five (60%) surveyed stating they are now budgeting more carefully. With rising inflation, finding a balance between spending on passions and financial obligations is key for almost half of respondents (45%). However, for some, nurturing passions take priority with one in five (approximately 20%) surveyed putting spending on their passions above putting away savings.
More than one-third (35%) of Australians surveyed plan on transforming their living and/or home office spaces. eBay data reveals in 2022, bedside tables, coffee tables, and desks were among the most searched-for items in June 2022.
Over 30% of respondents are ready to pack their bags and invest in the thrill of exploration with eye masks, suitcases and travel pillows some of the top searched travel items on eBay in June 2022. Almost 30% of those surveyed are committed to nurturing their physical and mental wellbeing, with over 20% dedicated to pampering themselves with beauty and self-care products this EOFY.
Meanwhile, one-quarter (25%) of Australians surveyed will don their aprons to improve their culinary prowess with air fryers, cake toppers and chocolate moulds some of the most searched-for items in June 2022.
This EOFY, eBay is offering 20% off eligible items with more savings for eBay Plus members across categories like home and garden, automotive parts and accessories and electronics, as well as weekly deals.
eBay spokesperson, Zannie Abbott said, “It’s clear that despite inflation, Aussies are still looking to find joy in the things they love whether that be a passion for modifying cars, decorating their home or travel. At eBay, we are helping Australians fuel their passions by offering big discounts on home items like adjustable electric chairs, standing desks to car toolkits for your Ute. This end of the financial year you can find it all on eBay at great prices.”