Afterpay has released a new End of Financial Year (EOFY) Consumers Insight Report, designed to provide tips on how local businesses can navigate EOFY sales and understand shoppers’ buying behaviours in 2023.

More people are aware of EOFY sales than Cyber Monday and Click Frenzy – making it a major sales opportunity with 50% of those surveyed shopping EOFY sales in the past and seven in 10 having EOFY deals on their radar. Afterpay suggests re-targeting customers who shopped last year’s sale by segmenting the email list and sending an EDM with a deal that’s hard to refuse.

Although EOFY sales appeal to all shoppers, regardless of age, it is considered a Millennial shopping moment by Afterpay. More than two in five (43%) Millennials took advantage of EOFY sales in 2022, so brands should factor in nostalgia and 90s references, as well as consider their life stage as new parents in their marketing plan. Consider which channels will reach Millennials and Gen Z shoppers.

In 2021 and 2022, shoppers were 50% more likely to research deals before the sales kicked off, so businesses should send their deals out early or tease customers with sneak peeks. Further, close to one-third (30%) of shoppers are buying gifts in advance, so consider gifting as a call to action and spotlight popular products to buy others for special occasions.

More than half (57%) of shoppers want value for money, so businesses should convey the value and benefits that their products will bring to consumers. In addition, the vast majority (84%) of Australians love a discount, followed by ‘buy one, get a second one discounted’ promotion (59%) which is best for items that require multiples, and gift with purchase (57%), which works well with discretionary items. Businesses should focus on solid discounts, but not underestimate the power of sweetening the deal.